According to the Economic and Steel Market Outlook 2023-2024/Q4 2023 Report from the Economic Committee of the European Steel Association (EUROFER), in the January-August period of this year total EU exports of steel products decreased five percent year on year. In the given period, EU exports of flat products to third countries dropped by 11.0 percent and exports of long products rose by three percent, both on year-on-year basis.
EUROFER said that the UK, Turkey, the US, Switzerland and Egypt, followed by China, Brazil, Ukraine and Norway, were the largest export destinations for EU steel in the first eight months. The first five countries together accounted for 55 percent of total EU finished product exports in the given period.
In the January-August period, exports of finished products to Ukraine rose by 271.0 percent, due to improved trade and a low base effect, and exports to Egypt increased by 13.0 percent, while exports to Brazil decreased by seven percent, and exports to the US and Switzerland decreased by 10.0 percent and 19.0 percent, respectively, all year on year. Exports of finished products to the UK, Turkey and Norway decreased by nine percent, nine percent and 26.0 percent, while exports to China decreased by 28.0 percent, all year on year.
According to the EUROFER report, in the January-August period this year flat product exports accounted for 65 percent of finished product exports and long product exports accounted for the remaining 35 percent.
