EU cuts imports of steel products by 7% y/y in January-July – EUROFER

In January-July 2024, the European Union reduced imports of steel products (rolled products, semi-finished products) from third countries by 7% compared to the same period. This is stated in the EUROFER Economic and Steel Market Outlook 2024-2025, Q4.

Imports of rolled products increased by 7% y/y during this period. In particular, supplies of flat products increased by 9% y/y, while long products remained at the level of the same period last year.

The largest import volumes in January-July were hot-rolled wide strips (888 thousand tons), hot-rolled coils (457 thousand tons), cold-rolled coils (274 thousand tons), wire rod (240 thousand tons), and rebar (122 thousand tons).

The main countries of origin of finished products are India – 375 thousand tons, Turkey – 344 thousand tons, South Korea – 267 thousand tons, Vietnam – 237 thousand tons, Taiwan – 222 thousand tons, China – 170 thousand tons, and Ukraine – 142 thousand tons.

In 2023, the EU reduced steel imports from third countries by 9% yoy after falling by 7% yoy in 2022. Imports of rolled steel products decreased by 11% yoy, including flat products by 8% yoy and long products by 22% yoy.

“Throughout 2023, imports remained at high historical levels, which led to a very high share of imports in the structure of apparent consumption (27%), as well as a growing trade deficit with third countries,” the association notes.

According to GMK Center estimates, in January-July 2024, the EU increased imports of mining and metals products (ore, semi-finished products, rolled products, pipes) from third countries by 1.8% compared to the same period in 2023, to 76.1 million tons. Thus, imports of rolled steel products reached 18.58 million tons, up 6% compared to the same period in 2023. In particular, supplies of flat products increased by 8.8% yoy to 14.25 million tons, while long products decreased by 2.1% yoy to 4.32 million tons.

As GMK Center reported earlier, EUROFER downgraded its expectations for apparent steel consumption in the EU in 2024 to -1.8% y/y. The previous forecast assumed an increase of 1.4% y/y. Expectations for the growth of apparent steel consumption in the EU in 2025 have also been downgraded from +4.1% to +3.8%.