According to the Economic and Steel Market Outlook 2025-2026/Q1 2025 Report from the Economic Committee of the European Steel Association (EUROFER), total exports of steel products of EU countries to foreign markets increased by four percent year on year in the third quarter of 2024, after an increase of eight percent in the second quarter. Finished and flat product exports grew by two percent and five percent respectively, while long product exports recorded a six percent fall, all year on year.
In the first 11 months of 2024, total exports and exports of finished products each rose by four percent, as a result of a rise for four percent increase in flat products and a three percent increase in long products, year on year. Flat products accounted for 65.0 percent of finished product exports overall.
According to information released by EUROFER, in the January-November period the main destinations for EU steel exports were the UK, US, Turkey, Switzerland, China and Egypt. The first five destinations together accounted for 57.0 percent of total EU finished product exports. Countries which recorded year-on-year increases for finished steel exports were the US with 30.0 percent, China with eight percent, Norway with six percent, and the UK with 11 percent. Exports to Switzerland declined by seven percent, while Turkey and Egypt’s imports from the EU both dropped by eight percent, year on year.
In the given period, the total trade deficit of the EU, including semis, amounted to 1.6 million mt per month on average. The deficit in the finished product trade made up 1.1 million mt of this amount.