In this first six months of the current year, total imports of flat steel in the EU fell by one percent, while all long steel imports increased, both on year-on-year basis, according to the Economic and Steel Market Outlook 2018-2019/Q3 2018 Report from the Economic Committee of the European Steel Association (EUROFER).
EUROFER stated that during the first half of this year the main countries of origin for finished steel imports into the EU market were Turkey, Russia, South Korea and China. These five countries represented 64 percent of total finished steel import volumes into the EU.
Within this group of countries, Russia stands out from the perspective of relative growth compared to the same period of 2017. Finished steel imports from Russia in the given period rose by 79 percent year on year, as a result of a 106 percent rise in flat products and a 42 percent jump in long product imports. Long product imports from Turkey, China and South Korea also rose sharply over this period, by respectively 101 percent, 95 percent and 59 percent year on year.
Meanwhile, imports of rebar and heavy sections grew sharply in the first half, with volumes of both long products rising respectively by 84 percent and 93 percent year on year. Precautionary inventory buildup within the context of potential EU safeguards could be seen as one of the drivers behind this rise. The increase in merchant bar and wire rod imports was respectively 60 percent and 16 percent weaker year on year but was still significant.