EU steel exports down 3% y/y in January-November – EUROFER

In January-November 2023, steel exports (including semifinished products) from the European Union to third countries decreased by 3% compared to the same period in 2022. This is stated in the EUROFER Economic and steel market outlook 2024-2025, first quarter.

Over 11 months, exports of rolled products decreased by 4% y/y, including flat products by 9% y/y and long products by 8% y/y. In 2022, exports of rolled products decreased by 14% y/y, driven by a drop in exports of both flat and long products (-10% and -22%, respectively).

In the first 11 months of 2023, the main destinations for EU steel exports were the UK, Turkiye, the US, Switzerland and Egypt, followed by Ukraine, China, Brazil, India and Norway. The top five countries together account for 55% of total EU exports of finished products.

Among the main export destinations, exports of finished goods showed exceptional growth to Ukraine (+100%), thanks to improved trade and compensation for the very low figures recorded in the same months of 2022.

In addition, exports increased to Egypt (+10%), while they declined to Brazil (-8%), the United States (-9%), Switzerland (-16%), the United Kingdom (-9%), Turkey (-7%), Norway (-22%), China (-25%), and India (-6%).

In January-November, exports of all individual types of flat products decreased compared to the same period of the previous year. In particular, exports of hot-rolled steel and tinplate declined the most (-22% and -16%, respectively). Only exports of cold-rolled steel increased slightly (+2%).

Exports of long products showed mixed dynamics: exports of wire rod and bars decreased (-9% and -5%, respectively), while exports of rebar and plates increased (+41% and +13%, respectively).

As GMK Center reported earlier, according to EUROFER forecasts, apparent steel consumption in the European Union is expected to decline by 6.3% in 2023 compared to 2022, to 129 million tons. At the same time, in 2022, the figure decreased by 6.5% y/y, and in 2024 it is expected to grow by 5.6% y/y.