The European Union reduced steel exports by 14% y/y in the first half of 2022

In January-June 2022, the export of steel products from the European Union to third countries decreased by 14% compared to the same period in 2021. The report “Economic and steel market outlook 2022-2023, third quarter” reports about it on the European Steel Association’s website EUROFER.

During this period, the export of flat steel products from the EU decreased by 11% compared to January-June 2021, and export of long products – by 21%.

Turkey, the UK, the United States, Switzerland and China were the largest EU steel export destinations in the first half of 2022. Together, these countries accounted for 58% of all finished steel exports from the EU.

In January-June 2022, Switzerland increased steel imports from EU countries by 7% compared to the same period in 2021. Exports to the USA increased by 4%, and to Russia – decreased by 54% due to military aggression in Ukraine. Deliveries to China and Britain fell by 34% and 23%, respectively. India and Egypt cut European steel consumption by 20%, and Turkey by 5%.

According to EUROFER data, in the first half of 2022, the share of the flat steel products export in the total volume of finished steel products exports was 68%, and the share of long products was 32%.

As GMK Center reported earlier, the EUROFER association has changed its forecast for the consumption of steel products in the European Union in 2022. If in May the association expected a decrease in the consumption of steel products by 1.9%, now – by 1.7%. The recovery in 2023 will be 5.6%.