According to the Economic and Steel Market Outlook 2022-2023/Q3 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 0.4 percent year on year in the second quarter, following an increase of 29 percent in the first quarter. In the second quarter, the EU’s imports of flat steel rose by 40 percent, while imports of long steel increased by 21 percent, both year on year.
In first half, the EU’s imports of finished steel products from third countries rose by nine percent. In the first six months, Turkey, India, South Korea, Russia and Ukraine accounted for 47 percent of total EU finished steel imports. Turkey and India were the largest import sources of finished products for the EU with shares of 14.9 percent and 10.1 percent, respectively, followed by South Korea with 9.3 percent, Russia with 7.3 percent and Ukraine with 5.3 percent.
In the given period, imports of finished products from India and Turkey decreased by 18 percent and one percent, both year on year respectively. ımports from Russia and Ukraine decreased by 46 percent and 33 percent, respectively, both year on year, due to the impact of EU sanctions and war disruptions, while imports from South Korea rose by 35 percent year on year.
According to the EUROFER report, in the first half flat product imports accounted for 77 percent of finished product imports and long product imports accounted for the remaining 23 percent.