EU increased imports of steel products by 11% y/y in January-April – EUROFER

In January-April 2024, the European Union (EU) increased steel imports from third countries (rolled products and semi-finished products) by 11% compared to the same period in 2023. This is stated in the Association’s review “Economic and steel market outlook 2024-2025, Q3”.

Imports of rolled products increased by 20% in this period compared to January-April 2023, in particular, flat products by 30% y/y, and long products – by 9% y/y.

At the same time, in Q1, steel imports to the EU increased by 12% y/y, including rolled products by 12% y/y. Supplies of flat products rose by 22% y/y, while long products fell by 15% y/y.

The main countries of origin of finished product imports in January-April 2024 were India (404 thousand tons), Turkey (323 thousand tons), South Korea (229 thousand tons), Vietnam (263 thousand tons), Taiwan (222 thousand tons), Japan (173 thousand tons) and China (169 thousand tons). They accounted for 56% of total rolled steel imports to the EU.

The largest import volumes were hot-rolled steel (992 thousand tons), hot-dip galvanized steel (424 thousand tons), and wire rod (257 thousand tons).

In 2023, the EU reduced steel imports from third countries by 8.5% y/y after falling by 7% y/y in 2022. Imports of rolled steel products decreased by 11% y/y, including flat products by 8% y/y and long products – by 22% y/y.

“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.

As GMK Center reported earlier, EUROFER expects apparent steel consumption in the EU to grow by 1.4% in 2024 compared to 2023, to 127 million tons. The previous forecast envisaged a 3.2% y/y increase – to 130 million tons. Expectations for the growth of apparent steel consumption in the EU in 2025 have also been downgraded from +5.6% to +4.1%. At the same time, consumption volumes decreased from 137 million tons to 133 million tons.