According to the Economic and Steel Market Outlook 2022-2023/Q2 2022 Report from the Economic Committee of the European Steel Association (EUROFER), total EU imports of steel products (including semis) from third countries increased by 43 percent year on year in the fourth quarter last year, amid the improvement in steel demand across the EU.
In the fourth quarter last year, the EU’s imports of finished products surged by 50 percent, while imports of flat products increased by 63 percent and imports of long products rose by 15 percent, all year on year. In 2021, the EU’s imports of finished products increased by 35 percent, while imports of flat products rose by 40 percent and imports of long products increased by 21 percent, all year on year.
In the given quarter, Turkey, India, Russia, South Korea and Ukraine accounted for 51 percent of total EU finished steel imports in the given period. Turkey and India were the largest import sources of finished products for the EU with shares of 15.4 percent and 12.2 percent, respectively, followed by Russia with nine percent, Ukraine with 7.4 percent and South Korea with six percent.
In the fourth quarter, imports of finished products from India and Turkey increased by 132 percent and 40 percent, respectively, while imports from Russia and Ukraine increased by 18 percent and 14 percent, respectively, all year on year. Imports from South Korea rose by two percent year on year.
According to the EUROFER report, in the fourth quarter flat product imports accounted for 80 percent of finished product imports and long product imports accounted for the remaining 20 percent.
In January this year, the EU’s imports of finished products increased by 53 percent, while imports of flat products and long products rose by 62 percent and 27 percent, respectively, all year on year.