European Union reduced steel exports by 10% y/y in the 1st quarter

In the first quarter of 2023, steel companies of the European Union (EU) reduced the export of steel products to third countries by 10% compared to the same period in 2022 – to 4.344 million tons. This is evidenced by Eurostat’s data.

In the first quarter of 2023, the export of long-rolled goods decreased by 7% y/y – to 1.58 million tons, and flat – by 12% y/y, to 2.77 million tons.

Among the long rolled products, the largest export volumes are angles and shaped and special profiles made of non-alloy steel – 467.1 thousand tons (-7% y/y). In second place are hot-rolled rods and bars – 293.86 thousand tons, which is 18% less compared to the first quarter of 2022. Another 265.6 thousand tons of other non-alloy steel rods and bars (+13% y/y) were shipped for export by European steelmakers.

In January-March 2023, the EU shipped 770.6 thousand tons of alloy steel flat products with a width of 600 mm or more for export to third countries, which is 13% less year-on-year. Also, 665.6 thousand tons of non-alloy steel flat products with a width of 600 mm or more (-23% y/y) and 747 thousand tons of non-alloy steel flat products with a width of 600 mm or more, clad (-3% y/y) were exported.

Among the main consumers of steel products of the European Union in the first quarter of 2023 were the UK, Turkiye, Egypt, China, Brazil and India. In particular, during this period, 710,000 tons of rolled steel were shipped to the UK (-5% y/y), Turkiye – 599,900 tons (-25% y/y), Egypt – 143,600 t (+9% y/y), China – 131.7 thousand t (-24% y/y), Brazil – 106.6 thousand t (-2% y/y) , India – 78.35 thousand tons (-29% y/y).

The main volumes of long rolled products were delivered to the UK – 319.1 thousand tons (-4% y/y). Another 120.2 thousand tons of such products were consumed by Turkiye (-30% y/y). In addition, British consumers imported from the EU 390.9 thousand tons of flat products (-5% y/y), Turkish consumers – 479.7 thousand t (-24% y/y).

As GMK Center reported earlier, in 2022, the European Union reduced steel exports to third countries by 14% compared to 2021. Shipments of flat rolled products from the EU decreased by 10% year-on-year, and of long products – by 22% year-on-year.