According to the Economic and Steel Market Outlook 2022-2023/Q3 2022 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by 14 percent year on year in the first six months this year. In the given period, the EU exports of flat products fell by 11 percent and exports of long products decreased by 21 percent.
EUROFER said that Turkey, the UK, the US, Switzerland and China were the largest export destinations for EU steel exports in the first half. These five countries together accounted for 58 percent of total EU finished product exports in the given period.
In the given period, exports of finished products to Switzerland rose by seven percent and exports to the US increased by four percent, while exports to Russia decreased by 54 percent due to the consequences of the war against Ukraine, exports to China and the UK decreased by 34 percent and 23 percent, respectively, all year on year. Exports of finished products to India and Egypt both decreased by 20 percent, while exports to Turkey decreased only by five percent, all year on year.
According to the EUROFER report, in the first half this year flat product exports accounted for 68 percent of finished product exports and long product exports accounted for the remaining 32 percent.