According to the Economic and Steel Market Outlook 2013-2014/Q3 2013 Report from the Economic Committee of the European Steel Association (EUROFER), EU steel imports remained at a high level in the second quarter of the current year, after rising significantly in the first quarter. Similar to the trend seen in the first quarter, the rise in imports in the second quarter was driven only by flat products.
Customs trade data for finished steel products show imports peaking in April, followed by a slight retreat in May, with finished steel imports in the first five months of the year rising by 18 percent year on year. Total imports, including semi-finished products, are estimated to have risen almost six percent year on year in the second quarter. The main exporters to the EU in the quarter remained China, Russia, Ukraine, Turkey and South Korea.
EUROFER stated that for the second half of 2013 it is expected that converging global steel prices and weak demand fundamentals will lead to lower imports volumes. Nevertheless, compared with rather low imports in same period of 2012, the year-on-year rise will remain significant. Total imports in 2013 are expected rise18 percent.
According to EUROFER, in 2014 steel imports may fall slightly as the expected pick-up in global steel demand may offer better sales opportunities elsewhere.
