EU increased imports of rolled steel products by 5.4% y/y in January-November

In January-November 2024, the European Union increased imports of rolled steel products from third countries by 5.4% compared to the same period in 2023, to 27.397 million tons. This is based on GMK Center’s calculations based on Eurostat data.

Imports of long products increased by 3% y/y – to 6.74 million tons in the period. The largest volumes were supplied in hot-rolled carbon steel rods and bars in coils (HS 7213) – 2.3 million tonnes (+18.8% y/y), and other carbon steel rods and bars, not further processed, twisted (HS 7214) – 1.796 million tonnes (+2.1% y/y).

Deliveries of imported flat products to the EU market amounted to 20.65 million tons in 11 months, up 6.3% compared to the same period in 2023. Hot rolled flat products (HS 7208) accounted for about 50% of imports, amounting to 10.27 million tons (+1.5% y/y). Coated flat products (HS 7210) accounted for another 5.97 million tons (+13.8% y/y), and cold-rolled flat products (HS 7209) for 2.29 million tons (+15.3% y/y).

Exports of rolled steel products outside the EU in January-November 2024 amounted to 16.22 million tons, up 3.7% compared to 2023. Shipments of long products increased by 2.7% y/y – to 6.18 million tons, and flat products by 4.3% y/y – to 10.04 million tons.

The largest export volumes were accounted for by flat products of other alloy steels (HS 7225) – 2.97 million tons (+9.8% y/y), coated flat products (HS 7210) – 2.72 million tons (+14.2% y/y), and hot-rolled flat products (HS 7208) – 2.22 million tons (-11.8% y/y).

In November 2024, the EU imported 1.6 million tons of rolled products, which is 0.6% less than in November 2023. Exports of products decreased by 2.8% y/y – to 1.41 million tons over the month.

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%.