According to the Economic and Steel Market Outlook 2013-2014/Q2 2013 Report from the Economic Committee of the European Steel Association (EUROFER), in 2012 EU steel imports fell sharply though the decrease rate was slower during the last months of the year.
In the first quarter of 2013, the total steel imports of the EU improved by 21 percent year on year, with the imports of flat products rising by 37 percent, while long product imports increased by only one percent, both year on year. Ukraine, Russia, China and Turkey were the major exporters to the EU during the first quarter, with Turkey increasing its hot rolled coil exports to the EU by more than 300 percent.
According to EUROFER, the higher import tonnages arrived in the EU despite weak demand and a softer euro. Chinese steel production hitting record levels in recent months with Chinese domestic demand remaining dull resulted in Chinese exports reaching the highest level in nearly three years. Should this trend continue, it would pose a serious threat to the global supply-demand balance.
For 2013, EUROFER expects the EU's total steel imports to rise 19 percent compared to 2012, while imports may fall again in 2014 as global steel fundamentals improve.
