According to the Economic and Steel Market Outlook 2024-2025/Q1 2024 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries rose by three percent year on year in the third quarter of 2023. In the given period, EU exports of finished products increased by three percent, while exports of long and flat products moved up by 21 percent and fell by five percent, respectively, all year on year.
During the first 11 months of 2023, EU’s total steel exports declined by three percent year on year. In the given period, the region’s exports of finished products fell by four percent, while exports of flat and long products decreased by nine percent and increased by eight percent, respectively, all year on year.
EUROFER said that the UK, Turkey, the US, Switzerland and Egypt were the largest destinations for EU steel exports in the first 11 months this year. These five countries together accounted for 55 percent of total EU finished product exports in the given period.
In the given period, exports of finished products to Ukraine rose by 100 percent due to improved trade functioning. In the January-November period, the EU’s exports of finished products to Egypt increased by 10 percent, while exports to Brazil, the US, Switzerland, the UK, Turkey, Norway, China and India decreased by eight percent, nine percent, 16 percent, nine percent, seven percent, 22 percent, 25 percent and six percent, respectively, all year on year.
According to the EUROFER report, in the first 11 months flat product exports accounted for 65 percent of finished product exports and long product exports accounted for the remaining 35 percent.
