According to the Economic and Steel Market Outlook 2023-2024/Q3 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU imports of finished steel products from third countries decreased by 30 percent year on year in the first quarter this year, after a 33 percent decrease in the fourth quarter last year. In the given period, the EU’s imports of flat steel fell by 35 percent, while imports of long steel decreased by 15 percent, both year on year.
Total EU imports of steel products (including semis) in the first quarter decreased by 28 percent year on year, after a decrease of 33 percent in the fourth quarter last year. In the first four months this year, imports of all steel products fell by 28 percent year on year.
In the January-April period, South Korea, India, China, Taiwan and Turkey accounted for 52 percent of total EU finished steel imports. Turkey is no longer the largest import source of finished products for the EU, with a share of 7.6 percent. South Korea has an import share of 12.5 percent, followed by India with 11.7 percent, China with 10.6 percent, Taiwan with 9.1 percent.
In the first quarter, imports of finished products from Turkey, India, Vietnam, China and South Korea decreased by 64 percent, 16 percent, 14 percent, five percent and two percent, respectively, while imports from Japan and Taiwan increased by 65 percent and five percent, respectively, all year on year.
In the first quarter, the EU’s total steel product trade deficit surpassed one million mt per month. In the first four months this year, the total trade deficit amounted to 1.3 million mt per month, compared to 1.6 million mt in 2022 and 1.5 million mt in 2021.