According to the Economic and Steel Market Outlook 2021-2022/Q1 2020 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by eight percent year on year in the third quarter last year. In the first 11 months of 2020, total steel exports fell by 14 percent compared to the same period of the previous year, as a result of a decrease of 13 percent in exports of flat products and a drop of 14 percent in the exports of long products. In the given period, exports of finished steel products dropped by 13 percent year on year.
EUROFER said that Turkey, China, Switzerland and the US were the largest export destinations for EU steel exports in the third quarter of 2020, followed by Algeria and Egypt, with some changes compared to the pattern in key export destinations seen in 2019. These four countries together accounted for 44 percent of total EU finished product exports in the third quarter this year.
In the first 11 months of 2020, exports of finished products to China rose by 19 percent and exports to Egypt increased by 21 percent, while exports to Russia and Algeria recorded sharp decreases of 40 percent and 42 percent, respectively. Exports to the US and Switzerland also dropped by 34 percent and nine percent, respectively.
According to the EUROFER report, in the third quarter of 2020 flat product exports accounted for 68 percent of finished product exports and long product exports accounted for the remaining 32 percent.
EUROFER noted that, once normal business conditions are restored after the end of the coronavirus and steel demand picks up again, the combination of still-volatile monthly steel imports and the increased capacity of major exporting third countries will continue to pose a serious risk for EU steel producers.