Italy increased steel imports by 4.4% y/y in Q1

In January-March 2024, Italy increased steel imports from third countries by 4.4% compared to the same period in 2023, to 2.466 million tons. This is evidenced by the data of the Italian steel producers’ association Federacciai, SteelOrbis reports.

Imports of long products in the first quarter of 2024 decreased by 35.4% y/y, while flat products increased by 9.8% y/y. Imports of rebar to Italy fell by 57.1% y/y, wire rod – by 24.2% y/y, and bars – by 58.2% y/y.

Steel exports from Italy amounted to 779 thousand tons during this period, down 11.3% compared to January-March 2023. In particular, shipments of long products decreased by 21.3% y/y, while shipments of flat products increased by 6.1% y/y.

In 2023, Italy reduced imports of rolled steel from third countries by 3.8% compared to 2022, to 7.17 million tonnes, including 3.9% of flat products and 3.6% of long products, to 6.35 million tonnes and 815.3 thousand tonnes, respectively.

Last year, steel exports from Italy increased by 4.2% compared to 2022 – to 2.03 million tons. Shipments of long products increased by 6.8% y/y – to 1.18 million tons and flat products by 0.7% y/y – to 856.91 thousand tons.

As GMK Center reported earlier, in 2023, Italian steelmakers reduced steel production by 2.5% compared to 2022, to 21.06 million tons. The decline in steel production was driven by a decline in global demand for steel products and high energy costs.

Production of long products amounted to 11.68 million tonnes for the year, down 2.9% compared to 2022, and flat products – 9.54 million tonnes (-0.1% y/y).