According to the Economic and Steel Market Outlook 2022-2023/Q4 2022 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by 17 percent year on year in the first eight months this year. In the given period, the EU exports of flat products to third countries fell by 10 percent and exports of long products decreased by 22 percent, year on year.
EUROFER said that Turkey, the UK, the US, Switzerland and China, followed by Norway, Egypt, Brazil and India were the largest export destinations for EU steel in the first eight months. The first 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 Brazil rose by 47 percent, exports to the US increased by nine percent and exports to Norway increased by five percent, while exports to Russia, which is no longer among the EU’s largest export destinations, decreased by 63 percent, and exports to China and the UK decreased by 34 percent and 22 percent, respectively, all year on year. Exports of finished products to Turkey, India and Egypt decreased by nine percent, eight percent and four percent, while exports to Switzerland decreased only by one percent, all year on year.
According to the EUROFER report, in the January-August period this year flat product exports accounted for 68 percent of finished product exports and long product exports accounted for the remaining 32 percent.