EU cuts imports of steel products by 7% y/y in January-July
Date:2024-11-01View:88Tags:ss 304 sheet price,stainless steel hot rolled coil,"316L plate"
Imports of rolled steel saw a 7% year-on-year increase. Over January-July 2024, the European Union slashed its imports of steel products (including rolled and semi-finished products) from third countries by 7% compared to the corresponding period. This data is sourced from the EUROFER Economic and Steel Market Outlook 2024-2025, Q4.
Specifically focusing on rolled products, there was a 7% year-on-year uptick during this span. Notably, flat product supplies surged by 9% year-on-year, while long products maintained their year-on-year levels.
The primary import volumes from January to July encompassed hot-rolled wide strips (888 thousand tons), hot-rolled coils (457 thousand tons), cold-rolled coils (274 thousand tons), wire rod (240 thousand tons), and rebar (122 thousand tons).
Key countries of origin for finished products were India (375 thousand tons), Turkey (344 thousand tons), South Korea (267 thousand tons), Vietnam (237 thousand tons), Taiwan (222 thousand tons), China (170 thousand tons), and Ukraine (142 thousand tons).
In 2023, the EU reduced third-country steel imports by 9% year-on-year following a 7% year-on-year decline in 2022. Imports of rolled steel products decreased by 11% year-on-year, with flat products sliding by 8% year-on-year and long products plunging by 22% year-on-year.
The association highlighted that throughout 2023, imports lingered at historically elevated levels, contributing to a substantial import share in apparent consumption (27%) and fostering a deepening trade deficit with third countries.
According to GMK Center estimates, the EU boosted its imports of mining and metals products (comprising ore, semi-finished products, rolled products, and pipes) from third countries by 1.8% in January-July 2024 compared to the same period in 2023, reaching 76.1 million tons. Consequently, imports of rolled steel products climbed to 18.58 million tons, marking a 6% increase over the same period in 2023. Notably, flat product supplies surged by 8.8% year-on-year to 14.25 million tons, while long products dipped by 2.1% year-on-year to 4.32 million tons.
Earlier reports from GMK Center indicated that EUROFER revised downward its projections for apparent steel consumption in the EU to -1.8% year-on-year in 2024, contrasting with the previous forecast of a 1.4% year-on-year uptick. Forecasts for EU's apparent steel consumption growth in 2025 were also adjusted downwards from +4.1% to +3.8%.
