EU reduced steel exports by 2% y/y in January-February

In January-February 2024, EU steel companies reduced steel exports (rolled products and semi-finished products) to third countries by 2% compared to the same period in 2023. This is stated in the Association’s review «Economic and steel market outlook 2024-2025, second quarter».

Exports of rolled steel products increased by 9% over 2 months compared to January-February 2023, including flat products by 9% y/y and long products – by 9%, y/y.

In 2023, the EU reduced steel exports by 2% compared to 2022. Shipments of flat products fell by 7% y/y, while long products increased by 10% y/y.

The main destinations for steel exports in 2 months of this year were the United Kingdom (249 thousand tons), Turkey (167 thousand tons), the United States (142 thousand tons), and Switzerland (109 thousand tons). The company shipped 35 thousand tons of steel to Ukraine.

Hot-dip galvanized steel accounted for the largest share of exports – 238 thousand tons, hot-rolled steel – 154 thousand tons, and heavy plates – 168 thousand tons.

In January-February 2024, steel imports to the EU increased by 4% compared to the same period in 2023. Imports of rolled products increased by 20% y/y during this period, in particular, flat products by 33% y/y, and long products by 15% y/y.

As GMK Center reported earlier, EUROFER expects apparent steel consumption in the European Union to grow by 3.2% in 2024 compared to 2023, to 130 million tons. The previous forecast envisaged an increase of 5.6% y/y – to 137 million tons. Expectations for growth in apparent steel consumption in the EU in 2025, on the contrary, improved from +2.9% to +5.4%, to 137 million tons.