EU increased steel exports to third countries by 6% y/y in January-July – EUROFER

In January-July 2024, steel enterprises of the European Union increased steel exports (rolled and semi-finished products) to third countries by 6% compared to the same period in 2023. This is stated in the review of the association «Economic and steel market outlook 2024-2025, Q4».

Rolled product exports for 7 months increased by 7% y/y, including flat products – by 8% y/y, and long products – by 6% y/y.

The main destinations for finished product exports during the period were the UK – 238 thousand tonnes (+4% y/y), the USA – 223 thousand tonnes (+35%), Turkey – 189 thousand tonnes (+4%), Switzerland – 118 thousand tonnes (-7%), Egypt – 38 thousand tonnes (-12%), China – 41 thousand tonnes (+16%), Norway – 30 thousand tonnes (+7%). The first five countries account for more than 56% of the total EU rolled products exports. Exports to Ukraine decreased by 14% y/y, despite improved trade functioning amid disruptions related to the war.

Flat rolled products accounted for 65% of finished product shipments in January-July. Exports of hot-dip galvanized flat products amounted to 242 thousand tons, thick sheet metal products – 156 thousand tons, cold-rolled flat products – 154 thousand tons, hot-rolled strip – 160 thousand tons.

In 2023, exports of rolled products from the EU fell by 4% compared to 2022. In particular, flat products – by 9% y/y, and long products grew by 10% y/y.

According to GMK Center calculations, in 2023 the EU increased exports of long products by 4.1% compared to 2022 – to 6.49 million tons. The main consumers of long products from the EU are the USA – 739.6 thousand tons (+ 6.2%), Great Britain – 1.29 million tons (-2%), Switzerland – 926.37 thousand tons (-11.6%).

Last year, flat rolled products exports decreased by 7.7% compared to 2022, to 10.64 million tons. The main shipping destinations were the USA – 1.59 million tons (-9.8% y/y), Great Britain – 1.56 million tons (+0.2%), Switzerland – 674.1 thousand tons (-17.9%), China – 320.33 thousand tons (-28.6%)

As GMK Center reported earlier, EUROFER worsened its expectation of 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 growth in apparent steel consumption in the EU in 2025 have also worsened – from +4.1% to +3.8%.