According to the Economic and Steel Market Outlook 2021-2022/Q3 2021 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by 30 percent year on year in the first quarter this year. In the first quarter, the EU exports of flat products fell by six percent and exports of long products decreased by three percent, while in the second quarter flat product exports declined by 33 percent and long product exports fell by 24 percent, all year on year.
EUROFER said that Turkey, the US, Switzerland, China and Egypt were the largest export destinations for EU steel exports in the second quarter this year. These five countries together accounted for 46 percent of total EU finished product exports in the given period.
In the second quarter this year, exports of finished products to Switzerland fell by 19 percent and exports to Russia decreased by 26 percent, while exports to China, Turkey and Egypt recorded decreases of 37 percent, 40 percent and 55 percent, respectively, all year on year. Exports to the US decreased only by three percent year on year.
According to the EUROFER report, in the second quarter flat product exports accounted for 62 percent of finished product exports and long product exports accounted for the remaining 38 percent.