According to the Economic and Steel Market Outlook 2023-2024/Q2 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by 20 percent year on year in the fourth quarter last year. In the given period, EU exports of flat products fell by 18 percent and exports of long products decreased by 29 percent.
In 2022, the EU’s exports of finished products dropped by 14 percent, as a result of declining exports both of flat and long products, which fell by 10 percent and 22 percent, respectively.
EUROFER said that the UK, the US, Turkey, Switzerland and Egypt were the largest export destinations for EU steel exports in the fourth quarter last year. These five countries together accounted for 58 percent of total EU finished product exports in the given period.
In the given quarter, exports of finished products to Brazil and India rose by 44 percent and seven percent, respectively, while exports to China, Turkey, Switzerland, Egypt and the UK decreased by 31 percent, 36 percent, 25 percent, 17 percent and 14 percent, respectively, all year on year.
According to the EUROFER report, in the fourth quarter of 2022 flat product exports accounted for 71 percent of finished product exports and long product exports accounted for the remaining 29 percent.