According to the Economic and Steel Market Outlook 2022-2023/Q4 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 eight percent year on year in the first eight months. In the given period, the EU’s imports of flat steel rose by six percent, while imports of long steel increased by 16 percent, both year on year.
In the January-August period, Turkey, India, South Korea, China and Taiwan accounted for 51 percent of total EU finished steel imports. As a consequence of EU sanctions and war disruptions, Russia and Ukraine were no longer among the top five exporting countries to the EU. Turkey and India continued to be the largest import sources of finished products for the EU, with shares of 15.4 percent and 10.6 percent, respectively, followed by South Korea with 9.5 percent, China with 8.5 percent and Taiwan with 6.9 percent.
In the given period, imports of finished products from China, South Korea, Taiwan and Turkey increased by 109 percent, 42 percent, 41 percent and seven percent, respectively, while imports from India fell by six percent, all year on year. Imports from Russia and Ukraine decreased by 59 percent and 79 percent, respectively, both year on year.
According to the EUROFER report, in the first eight months flat product imports accounted for 77 percent of finished product imports and long product imports accounted for the remaining 23 percent.
