According to the Economic and Steel Market Outlook 2019-2020/Q2 2019 Report from the Economic Committee of the European Steel Association (EUROFER), having fallen by 10 percent over the whole year 2018, total EU exports of steel products to third countries continued their downward trend over the first two months of 2019. The seven percent year-on-year drop over this period was the result of a 34 percent year-on-year reduction in semis exports and a four percent fall in finished steel products exports.
EUROFER said that in the first two months of the current year the US, Turkey and Switzerland remained the largest export destinations for EU finished product exports, followed by Algeria and Mexico. These three countries together accounted for 38 percent of total EU finished product exports over this period. Exports to the US grew by 35 percent year on year in the first two months of 2019. However, the volumes shipped by EU producers to the US in January and February 2018 were lower than usual. Meanwhile, exports to Turkey fell by 40 percent year on year and exports to Switzerland dropped by six percent compared with the same period of 2018.
According to the EUROFER report, semi-finished steel products accounted for only six percent of total EU steel exports during the first two months of 2019, while flat product exports accounted for 61 percent and long product exports accounted for the remaining 33 percent.
EUROFER stated that, with imports remaining at elevated levels and exports on a downward trend in early 2019, a preliminary conclusion seems to be justified that there is no evidence of an easing in competitive pressures in the international steel market.