Imports of rolled steel decreased by 13% per year in 11 months
In January-November 2023, the European Union (EU) reduced steel imports (including semi-finished products) by 11% compared to the same period in 2022, according to the EUROFER association's Economic and Steel Market Report. panorama 2024-2025, first quarter.
In 2022, total steel imports also decreased by 7.3% year-on-year, while in 2021 they increased sharply by 32% year-on-year.
In the first 11 months of 2023, imports of finished products decreased by 13% year-on-year, including flat products – by 9% year-on-year and long products – by 25% year-on-year. In 2022, imports of finished products decreased by 5% year-on-year overall.
«In 2023, imports showed stable volatility, reflecting the fluctuations observed in the previous three years. Following the COVID-19 outbreak, steel imports increased and showed some volatility in the second half of 2020. However, in 2021, growth became much more pronounced, especially in the second and third quarters, reaching the highest historic levels. high. This dynamic reflected favorable steel demand conditions until the end of 2021, while volatility persisted in the fourth quarter of 2021 and throughout 2022,” the association stated.
The main exporting countries to the EU in January-November 2023 were India (+7% y/y), South Korea (+6% y/y), China (-13% y/y), Vietnam (+38 % y/y/y), Taiwan (+12% y/y), Turkey (-51% y/y) and Japan (+32% y/y). These countries accounted for more than 58% of total remittances.
In the flat products segment, imports of all types of products decreased in 11 months of 2023. In particular, imports of cold-rolled and hot-rolled flat products decreased by 27% per year and 22% per year, respectively, while imports of coated products decreased by 24% year-on-year and organic steel decreased by 30% year-on-year.
Among long products, only thick plates showed positive growth, an increase of 2% per year. In contrast, the supply of rebar and wire rod fell by 31% per year and 26% per year, respectively.
EUROFER predicts that in 2023, apparent steel consumption in the European Union is expected to decrease by 6.3% compared to 2022, to 129 million tons. At the same time, in 2022, the number decreased by 6.5% y/y and in 2024 it is expected to grow by 5.6% y/y.
