According to the Economic and Steel Market Outlook 2021-2022/Q2 2021 Report from the Economic Committee of the European Steel Association (EUROFER), total EU imports of steel products from third countries decreased by 18 percent year on year in 2020.
Last year, finished steel product imports fell by 15 percent year on year due to a decrease of 15 percent year on year in imports of flat products and a drop of 16 percent in imports of long products.
EUROFER said that Turkey, Russia, South Korea, India and Ukraine were the largest finished steel import sources for the EU market in the given period. These five countries accounted for 59 percent of total EU finished steel imports in 2020.
In the given period, imports of finished products from Turkey, China, Ukraine and South Korea decreased by 29 percent, 50 percent, 15 percent and two percent, respectively, while imports from Russia increased by eight percent, all year on year.
According to the EUROFER report, flat product imports fell by six percent and long product imports decreased by two percent in the fourth quarter last year, both year on year.
According to the EUROFER report, in 2020 flat product imports accounted for 77 percent of finished product imports and long product imports accounted for the remaining 23 percent.