The European Union reduced steel exports by 17% y/y in January-August 2022

In January-August 2022, the export of steel products from the European Union to third countries decreased by 17% compared to the same period last year. The report «Economic and steel market outlook 2022-2023, fourth quarter» on the website of the European Association of Steel Producers EUROFER reports about it.

During the reporting period, the export of flat products from the EU decreased by 10% compared to January-August 2021, and export of long products – by 22%.

During this period, the European Union exported the most steel to Turkiye, the UK, the USA, Switzerland and China. Together, these countries accounted for 58% of the total exports of finished products from the EU in January-August 2022. Other export destinations include Norway, Egypt, Brazil and India.

In January-August, steel supplies from the EU to the US increased by 9% compared to the same period in 2021. Steel exports to Russia, which lost its position as one of the largest steel importers from the EU, fell by 63% y/y. Shipments of steel products to China and the UK decreased by 34% and 22%, respectively. Exports to Turkiye, India and Egypt decreased by 9%, 8% and 4%, respectively.

The lowest rates of decline in steel exports from the EU are observed in the direction of Switzerland – 1% y/y.

According to EUROFER, in January-August 2022, the share of flat products in the total exports of finished products was 68%, and the share of long products was 32%.

As GMK Center reported earlier, the EUROFER association is expecting falling consumption of steel products in the European Union by 3.5% by the end of 2022. In 2023, steel consumption will decrease by 1.9%. In August, the association expected a decrease in consumption of steel products in 2022 by 1.7%, and in 2023 – increase by 5.6%.

The economic downturn in the EU after the full-scale invasion of the Russian Federation in Ukraine and the energy crisis led to a recession, which will seriously affect industrial sectors, EUROFER notes.