According to the Economic and Steel Market Outlook 2023-2024/Q1 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU imports of finished steel products from third countries decreased by five percent year on year in the first 11 months of last year. In the given period, the EU’s imports of flat steel fell by nine percent, while imports of long steel increased by 10 percent, both year on year.
Total EU imports of steel products (including semis) in the third quarter of 2022 decreased by 17 percent year on year, after an increase of 1.6 percent in the second quarter last year. In the given quarter, the EU’s imports of finished steel products fell by 12 percent. In particular, the region’s imports of flat steel fell by 15 percent, while imports of long products increased by one percent, both year on year.
In the January-November period last year, Turkey, India, South Korea, China and Taiwan accounted for 51 percent of total EU finished steel imports. Turkey continued to be the largest import source of finished products for the EU, with a share of 15.2 percent, followed by South Korea with 10.2 percent, India with 9.5 percent, China with 8.9 percent and Taiwan with 7.3 percent.
In the first 11 months, imports of finished products from India and Turkey decreased by 25 percent and seven percent, respectively, while imports from China, South Korea and Taiwan increased by 85 percent, 31 percent and 25 percent, respectively, both year on year.
According to the EUROFER report, the EU’s steel imports were volatile across 2020, 2021 and the first 11 months of 2022, continuing a trend seen since 2019. After the outbreak of Covid-19, imports surged again for certain products and showed some volatility in the second half of 2020. This development mirrored buoyant steel demand conditions until the end of 2021, while volatility continued throughout the fourth quarter of 2021 and the first 11 months of 2022. Reflecting weaker demand from the first quarter of 2022, imports were constantly declining in volumes throughout 2022.