EU trade: Turkey leads iron and steel exports in 2024
According to data published by Eurostat, the Statistical Office of the European Union, in 2024 the European Union demonstrated a strong performance in the trade of iron, steel, and related articles, achieving a total export value of €77.8 billion while importing €73.1 billion worth of these products. This resulted in a trade surplus of €4.7 billion, underscoring the EU’s significant role in the global iron and steel market.
Compared to 2019, exports of iron and steel and related articles increased by 15.2 percent (€10.3 billion), while imports rose by 23.7 percent (€14.0 billion). However, this monetary increase occurred alongside a decline in physical volumes, with export volumes decreasing by 17.3 percent and import volumes by 1.6 percent. This trend suggests that the rise in trade value was driven primarily by higher prices rather than by an increase in volume. Trade data indicate that iron and steel exports alone (excluding related articles) rose by 9.9 percent compared to 2019, reaching €32.3 billion in 2024, while imports surged by 19.7 percent to €39.5 billion. In terms of volumes, exports and imports saw respective declines of 14.6 percent and 4.1 percent over the same period. Similarly, articles of iron and steel saw substantial growth. The EU exported €45.5 billion worth of these products, marking a 19.3 percent increase from €38.2 billion in 2019. Imports of these articles climbed 28.7 percent to €33.6 billion over the same period. However, export volumes dropped by 26.0 percent, while import volumes increased by 10.1 percent.
Turkey emerged as the EU’s top export destination for iron and steel in terms of value, with shipments amounting to €6.2 billion. It was also the third-largest import source (€3.5 billion). The United States was the second-largest export market (€5.4 billion), followed by the United Kingdom (€4.0 billion), Switzerland (€2.1 billion), and Mexico (€1.7 billion).
For imports, India led the rankings with €3.9 billion, followed by South Korea (€3.6 billion) and China (€3.5 billion), joint third with Turkey. The United Kingdom (€3.2 billion) was also among the top five import sources. Between 2019 and 2024, exports to Mexico increased by 54.1 percent, and those to the United States rose by 51.1 percent. Meanwhile, imports from India surged by 89.2 percent, and those from South Korea grew by 43.0 percent, over the same period.
The United States was the primary export market for articles of iron and steel, importing €8.0 billion worth of these products from the EU, a 45.1 percent increase from 2019. Other significant export destinations included the United Kingdom (€6.3 billion), Switzerland (€3.5 billion), Norway (€2.9 billion), and China (€2.8 billion).
On the import side, China was the leading supplier, accounting for €12.5 billion, or 37.3 percent of the EU’s total imports of these articles. Other major import sources included Turkey (€4.6 billion), the United Kingdom (€2.9 billion), the United States (€2.0 billion), and India (€1.7 billion). Imports from Turkey, India, and China saw remarkable increases of 82.4 percent, 40.5 percent, and 37.0 percent, respectively, compared to 2019.
Blastr Green Steel’s new plant in Finland acquires environmental approval
Norwegian decarbonized steel developer Blastr Green Steel has announced that its planned low-emission steel plant in Inkoo, Finland, has successfully passed the crucial environmental impact assessment (EIA) process and the project has moved to the permit process.
The plant with a 2.5 million mt annual production capacity will use local raw materials and carbon-free energy to produce cost-competitive and ultra-low-emission steel.
Antti Kaikkonen, country manager for Blastr Green Steel in Finland, has commented on the EIA process, stating, “This has been a significant undertaking, involving thorough and long-term preparation. Over two years of work have gone into these assessments with a large team of experts, while simultaneously advancing the project through detailed technical planning”.
The planned steel mill in Inkoo aims to significantly reduce carbon dioxide emissions compared to traditional steel production. Instead of using coal, the steel mill will utilize clean hydrogen in its production process and rely on raw materials produced with clean energy, supporting international climate goals. Additionally, the project is expected to have substantial positive effects on the economy and business activities in Inkoo and Western Uusimaa, bringing significant employment opportunities and investments to the region.
Assofermet: EU Steel and Metals Action Plan falls short, urgent revisions needed
Assofermet expresses disappointment with the recently published European Steel and Metals Action Plan, stating that while it acknowledges the importance of the steel and metals industries, it lacks concrete measures to revitalize EU metallurgy.
The association highlights that the EU has lost nearly 10% of its steel production over the past decade, despite various protective measures such as import safeguards, anti-dumping duties, and anti-subsidy tariffs. These actions have failed to deliver the expected results, and the plan remains overly focused on production without addressing demand stimulation.
Assofermet warns that without measures to boost steel and aluminum consumption, EU manufacturing will continue to struggle, leading to a further decline in domestic production. This could jeopardize EU goals on decarbonization, green steel, and sustainability labeling.
Additionally, the ongoing trade war on tariffs, triggered by U.S. protectionist policies, will severely impact EU exports of steel, aluminum, and manufactured goods. This is expected to result in stricter EU trade defense measures, potentially harming the European economy.
Assofermet also criticizes the plan’s insufficient measures to reduce energy costs, stating that more decisive actions are needed. The association urges the European Commission to revise and strengthen the plan, incorporating concrete actions to stimulate domestic demand, as failure to do so would mean missing yet another opportunity to drive economic growth.
Assofermet, a sectoral association within Confcommercio – Imprese per l’Italia and an active member of EUROMETAL, represents around 450 companies in steel, scrap, metals, and hardware distribution, providing essential support on regulatory and market-related issues.
Comunicato Stampa Assofermet – 19.03.2025
Steel plate market ‘in limbo’ in Italy with sentiment mixed
In Italy, offers for S275 heavy plate were reported by buyers and sellers at €660-670 ($721-732) per tonne ex-works. Order books were quite short, with late-April lead times still available from local suppliers.
Transactions for such material were reported at lower prices of €640-650 per tonne ex-works during the week, Fastmarkets heard.
“Trading is still very limited. The market [for plate] is in some kind of limbo,” a seller in Italy said.
“Buyers are cautious and counting every single tonne they book,” another supplier said.
As a result, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was €640-650 per tonne on Wednesday, unchanged for more than a month.
Meanwhile, overseas suppliers of slab, the key feedstock for plate production, have started to increase their offers.
Overall, the range of offers from Asian suppliers was $520-540 per tonne CIF, with only a few suppliers offering material at $500 per tonne CIF. But it was ”almost impossible” to get thicker, plate-quality slab at such prices, Fastmarkets heard.
Some market sources suggested that Italian mills might try to increase prices to reflect the higher production costs.
But others noted that, due to the depreciation of the US dollar against the euro, rerollers felt comfortable selling plate at €640-650 per tonne ex-works.
The exchange rate was hovering around $1.09 to €1 on March 19, compared with $1.04 to €1 a month earlier.
“Demand is not strong enough to support a [plate] price rise,” a buyer source said.
As for imports, the market remained quiet after the announcement of adjustments to the EU’s safeguard measures in the previous week. These included cuts to certain quarterly allocations for heavy plate and the introduction of a 20% cap per country over the tariff rate quota (TRQ) volume initially available in each quarter.
The most recent deals for May-shipment plate from South Korea to Italy and Spain were agreed at €570-580 per tonne CFR in early March.
One market source reported similar offers for June-shipment plate from South Korea.
From Indonesia, even lower offers were reported for June-shipment plate, at $605 per tonne CFR (€553 per tonne CFR). Market sources said that offers were unchanged in dollar terms, but lower in euros due to the dollar’s depreciation.
Steel HRC prices in Europe steady, mills push up offers
Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €637.50 ($696.60) per tonne on Wednesday, down by just €0.50 per tonne from €638.00 per tonne on Tuesday.
The Northern European index was up by €1.41 per tonne week on week and by €28.75 per tonne month on month.
A leading European integrated mill was heard considering whether to push its offers for June-delivery HRC to €670-680 per tonne ex-works or delivered, depending on destination.
A second HRC producer in Northern Europe increased its offer prices for June-delivery HRC to €665 per tonne ex-works from €650 per tonne ex-works for May lead times, industry sources told Fastmarkets.
Some transactions for HRC were reported at €630-640 per tonne ex-works.
Most of Fastmarkets’ sources estimated the workable market price for HRC in Northern Europe to be €630-650 per tonne ex-works, although one buyer saw the tradeable price lower, at €610-620 per tonne ex-works.
According to a trader source, the latest announcements of the European Commission about steel safeguard measures have provided some clarity, and numbers of inquiries for purchasing domestic HRC have increased.
Last week, the European Commission notified the World Trade Organization of adjustments to the region’s steel safeguard measures, affecting annual liberalization, introducing caps and changing residual tariff rate quota (TRQ) access for a number of steel products, including HRC.
The proposed amendments were expected to enter into force on April 1.
In addition, the European Commission announced provisional anti-dumping (AD) duties on HRC imports originating from Egypt, Vietnam and Japan, with the new measures set to be imposed from April 7.
The trader source added that some big steel service centers in Germany did some restocking in the past few days.
But a distributor source based in Germany told Fastmarkets that, although the mills were testing the market with higher offers, prices in transactions were largely unchanged.
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €622.50 per tonne on Wednesday, also down by just €0.50 per tonne from €623.00 per tonne on Tuesday.
The index was up by €2.17 per tonne week on week and up by €22.50 per tonne month on month.
Local suppliers were heard offering HRC in Italy at €640 per tonne delivered, which would net back to €630 per tonne ex-works.
But the Italian market was more cautious, with buyers avoiding large-scale purchases in an uncertain market, Fastmarkets understands.
Buyers’ estimates of the workable market price were heard at €610-620 per tonne ex-works.
In imports, India was heard offering HRC to Italy at €585-590 per tonne ex-works, with Italian buyers estimating such prices to be tradeable.
Turkey offered HRC to Italy at €590 per tonne CFR, including the anti-dumping duty, industry sources told Fastmarkets.
And Indonesia was heard offering HRC to Italy at €550-565 per tonne CFR.
But no major transactions for imported HRC were heard in the market.
British steelmakers face order cancellations due to US steel tariffs
Tata Steel UK and British Steel have stated that their customers have panicked and have started cancelling orders following the imposition of 25 percent tariffs on steel imports from all countries without exceptions by the US administration, according to media reports.
Rajesh Nair, CEO of Tata Steel UK, said the company’s sales and profit could incur significant damage since its customers want to switch to other suppliers in order not to get caught up in the tariff warfare. At the same time, in some cases, customers are asking for compensation from Tata Steel for the tariff costs, which should be paid by the importers in the US, according to Mr. Nair.
In the meantime, Allan Bell, COO of British Steel, pointed out that the company is supplying about 50,000 mt of steel to the US per year. According to him, the customers are concerned about the impact of the tariffs and they are considering the option to cancel their orders. Mr. Bell also added that, in cases where British Steel is the sole supplier for certain steel products, its customers are considering procuring that steel elsewhere.
Redirection of Asian steel trade worries EU
Spain’s Celsa Group has joined the European steel sector in warning that the main impact of US tariffs will not be on European exports but rather on the influx of material from countries such as China, Indonesia and North Africa. These imports are expected to be redirected to Europe following the closure of the US market, Kallanish understands.
Celsa’s president, Rafael Villaseca, calls for stronger EU protection against potential trade diversions during the visit of European Commission vice president Stépahne Séjourné to the group’s plant in Castellbisbal. Like other European executives, Villaseca expresses concerns that Chinese steel is already being imported with state subsidies and does not meet Europe’s environmental standards.
“At a time of declining domestic consumption in China, rather than reducing production, they are shifting supply to other markets that lack protectionist measures, such as Europe,” he warns.
“Deindustrialisation is already a reality, with a loss of 29 million tonnes of annual production over the past decade. Strong political action is essential to defend European interests. We must curb unfair imports, ensure competitive energy costs, strengthen protection against carbon leakage, and guarantee that scrap generated within the EU is recycled within the continent,” he emphasises.
During the meeting with Séjourné, key measures were proposed for inclusion in the Steel and Metals Action Plan (see separate story). These included reviewing and strengthening EU safeguard measures to reflect current market conditions and prevent unfair competition. Another priority discussed was the need to secure access to affordable energy to maintain industry competitiveness and ensure the effective implementation of the Carbon Border Adjustment Mechanism (CBAM), reinforcing circular economy objectives.
Celsa accounts for 0.65 percentage points of the 3.3% of Spanish steel exports to the US.
Todor Kirkov Bulgaria
Assofermet sees slight recovery in March long volumes
There have been signs of recovery in the volumes of merchant bars products and sections in recent weeks due to new construction projects commencing in March with the start of favourable weather conditions, Italian trade association Assofermet says in a market note seen by Kallanish.
Conversely, last month flat products experienced a modest downturn in both volumes and pricing.
“We are witnessing a market downstream that, due to global geopolitical tensions, is struggling to recover,” the note states.
It adds that in February, the automotive, household appliance and construction sectors recorded a sharp slowdown. However, in March there were timid signs of recovery, fuelled by the interest of several companies in covering their flat needs for the coming months with scheduled supplies.
“We look with great interest at the strategic dialogue on steel recently promoted by the EU Commission and we hope to be able to give our contribution as representatives of the pre-processing and distribution sectors on the national territory. We really hope that attention will also be focused on the problems of EU manufacturing, because without orders from it the steel industry is also destined to collapse,” Assofermet warns.
“Effective countermeasures to the ongoing industrial delocalisation must be adopted as soon as possible, with measures to stimulate demand, while slowing down the unbridled rush to green production, extending deadlines and reviewing programmes,” it adds.
In a recently released position paper on US president Donald Trump’s enhanced protectionist policies the association warned that the trade war could potentially lead to significant market distortions for Europe. The execution of US policies is expected to lead to an redirection of global steel exports to the European Union, potentially prompting the bloc to consider countermeasures aimed at Asian countries.
Assofermet proposes rethinking the existing EU protection mechanism and extending it downstream. Currently, Europe is focusing its defensive strategies solely on safeguarding the upstream segment of the supply chain.
Natalia Capra France
EU action plan confirms melted/poured, CBAM, scrap focus
The European Commission published its Steel and Metals Action Plan on Wednesday, confirming it is evaluating the “melted and poured” rule, adjustments to the Carbon Border Adjustment Mechanism (CBAM) and a scrap export duty.
However, its wording on various points softened compared with the Plan draft leaked earlier in the week, Kallanish notes.
European steelmakers association Eurofer praised the Commission’s proposals but warns that “energy remains the elephant in the room” and that “further work to reduce energy costs is crucial”.
The final Plan states the Commission “will assess whether it should adapt its practice by introducing a ‘melted and poured rule’.” This compares to the draft, which stated the Commission has already decided to implement the rule in its trade defence measures. No schedule has been provided for the assessment process.
The Commission says it will “consider proposing”, by the third quarter at the latest, export fees or export duties, “if necessary”, to ensure sufficient availability of scrap in the EU. It will also assess introducing a reciprocity rule to countries that ban scrap exports to the EU or apply unfair subsidies to support their metal recycling industries.
The draft language was firmer, indicating the Commission would propose a reciprocation measure by Q3.
The Commission’s CBAM adjustments proposed in the draft have all made the cut. The difference is the timing for one of them. The Commission will issue in Q2 a communication providing analysis and options on how to address the problem of carbon leakage for CBAM goods exported from the EU to third countries.
The Commission also confirms it will strengthen the monitoring of trade flows and will proactively open investigations based on a “threat of injury”, without waiting for material injury to occur.
On energy, in the short term, the Commission is encouraging member states to use existing regulation that allows for reduction of environmental taxes and parafiscal levies, and reduction of electricity levies. The Energy Taxation Directive allows to decrease electricity taxation to zero for energy intensive industries.
The Commission is consulting member states on a clean flexibility state aid instrument based on PPAs and industry committing to consume clean electricity. It will also provide guidance to member states on the design of public support schemes for clean energy through two-way contracts for difference. This will provide temporary price relief to enable decarbonisation investments, the Commission points out.
On lead markets for steel, as announced in the Clean Industrial Deal, the Commission will propose as part of the Industrial Decarbonisation Accelerator Act to introduce resilience and sustainability criteria to foster clean European supply for energy-intensive sectors. These criteria – for example, clean, resilient, circular, cybersecure – will strengthen demand for EU-made clean products.
Finally, the Commission made the link between steel and defence, saying the former is “crucial” to guaranteeing the EU’s security and delivering on the ReArm Europe Plan/Readiness 2030 programme, also launched on Wednesday.
Adam Smith Poland
German bureaucracy must pull back during crises
German steelmakers and their medium-sized processor customers are suffering from the obligation placed on them to document their efforts to reduce CO2 emissions from production, representatives said at Wednesday’s Zukunft Stahl conference organised by Handelsblatt.
A session dedicated to this issue was titled “What is the impact of ESG criteria on financing and investment decisions in the steel industry?” Moderator Kevin Knitterscheid’s opening question was: “Do companies actually have the capacity and time to fulfil the reporting duties?”
Uwe Reinecke, general manager of Feralpi Stahl, replied that the requirements “are not really friendly for medium-sized companies”. He noted he was in charge of such reporting himself and it involved other staff, besides the other actual work they have to do.
Alexander Becker of GMH (Georgsmarienhütte) Gruppe was even more outspoken, and fiercely attacked the reporting duties that he finds create complication. “It would make sense to suspend the obligation for reporting for five years,” he suggested at the event in Essen attended by Kallanish.
Such obligation may have been okay when it was defined several years ago, but not currently, in the thick of a crisis. “It is okay to do it on a voluntary basis, if, for example, your customers ask for it. But let’s face it, we are up to our ears in the waves, and hardly have the personnel to meet such extra duties. We cannot afford such bureaucracy in this period,” Becker said.
Earlier in the day, the managing director of steel association WV Stahl, Kerstin Maria Rippel, did not address the issue directly. However, she expressed an understanding for the overload borne by the companies and said that “we need pragmatism and flexibility on the way”.
The North Rhine Westphalia state economy minister, Mona Neubauer, also indirectly addressed the issue of bureaucracy reaching the degree that it has become a hurdle to daily business. Even if acting pragmatically, there will be a lot of work to do in the process of transition, she said. She also conceded that politics needs to rethink. “Politics must adopt a do-it attitude, and not lag behind in a subjunctive mode. And this applies to the larger society,” she noted.
Christian Koehl Germany