According to the Economic and Steel Market Outlook 2023-2024/Q1 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by 15 percent year on year in the first 11 months last year. In the given period, EU exports of flat products fell by eight percent and exports of long products decreased by 21 percent.
In the third quarter of 2022, the EU’s exports of finished products dropped by nine percent, as a result of declining exports both of flat and long products, which fell by six percent and 15 percent, respectively.
EUROFER said that the UK, Turkey, the US, Switzerland and China were the largest export destinations for EU steel exports in the first 11 months last year. These five countries together accounted for 58 percent of total EU finished product exports in the given period.
In the January-November period last year, exports of finished products to Brazil, the US and Egypt rose by 49 percent, nine percent and five percent, respectively, while exports to China, the UK, India, Switzerland and Norway decreased by 35 percent, 16 percent, seven percent, six percent and four percent, respectively, all year on year.
According to the EUROFER report, in the first 11 months last year flat product exports accounted for 69 percent of finished product exports and long product exports accounted for the remaining 31 percent.