In the January-February period this year, the EU’s total steel exports fell 20 percent, while finished steel product exports decreased by 13 percent, owing to a 14 percent reduction in flat product exports and an 11 percent drop in long product exports, all year on year, according to the Economic and Steel Market Outlook 2016-2017/Q2 2016 Report from the Economic Committee of the European Steel Association (EUROFER).
EUROFER said that, taking into account that imports were on a rising trend in the first months of 2016, it does not come as a surprise that the EU has remained a net importer of steel. The available data for 2016 underpin the uncertain outlook for exports. The stuttering economic performance of several key emerging markets implies also that global steel demand will be rather depressed this year, but potentially might see a rebound in 2017, EUROFER stated.
According to EUROFER, other headwinds such as export limitations for rebar from the EU announced by Algeria will aggravate market conditions for EU steel producers.