EU reduced imports of semi-finished products from Ukraine by 12.8% m/m in July

In July 2023, the European Union reduced imports of semi-finished products from Ukraine by 12.8% compared to the previous month – to 74.3 thousand tons. Imports of products in monetary terms decreased by 7.3% m/m – to €41.11 million. This is evidenced by Eurostat’s data.

Compared to July 2022, in July 2023 European steelmakers increased imports of semi-finished products from Ukraine by 28.9% in volume terms and by 5.7% – in monetary terms.

In January-July 2023, the European Union reduced imports of Ukrainian semi-finished products by 27% compared to the same period last year – to 585.94 thousand tons. Expenses of European steelmakers on imports of relevant products fell by 38.8% year-on-year – to €321.33 million.

The largest importers of Ukrainian-made semi-finished products among EU countries in January-July 2023 were:

• Poland – 209.8 thousand tons (-80% compared to January-July 2022);
• Bulgaria – 243.6 thousand tons (-14.7% y/y);
• Italy – 41.95 thousand tons (-86.6% y/y).

In July, Poland consumed 4.81 thousand tons of Ukrainian products (-56.2% y/y; -80% m/m), Bulgaria – 59.4 thousand tons (+46.4% y/y; +14.5% m./m.), Italy – 1 thousand tons (-76.1% m/m).

As GMK Center reported earlier, in January-June 2023, Ukrainian steel companies exported 549.5 thousand tons of semi-finished products for $298.71 million. Export volumes of slabs and billets decreased by 61.5% year-on-year, and revenue from shipments decreased by 66.8% year-on-year.

In May, product exports decreased by 33.1% compared to the previous month and by 44% by June 2022 – to 101.51 thousand tons.

The low volumes of production and export of iron and steel products compared to last year are associated with logistics problems, unfavorable global market conditions, as well as the destruction due to hostilities of the two largest mining and steel enterprises of Ukraine – Azovstal and Ilyich Iron and Steel Works.