Eurofer: Flats drive EU import growth, exports rise

Flat products, whose intake surged by 30% on-year, continued to drive EU steel imports in the first four months of 2024, says Eurofer. Longs intake fell 9%.

India maintained the leader position with a 15.8% share in EU finished steel imports, followed by Turkey with 12.6% and Vietnam with 10.3%, Kallanish notes.

While finished steel intake from China and Korea fell 38% and 11% respectively in January-April, imports from Turkey surged 85%, from India by 62% and from Vietnam by a whopping 155%.

Imports of all flats products rose, with the largest increases seen for hot-rolled wide strip, by 51%, hot-dipped galvanized coil by 44% and coated sheet by 41%. In the longs segment, only wire rod intake rose, by 19%.

EU finished steel exports meanwhile rose in the four months, with flats up 2% and longs 5%. The main destinations were the UK, US and Turkey. Finished steel shipments to United Arab Emirates ballooned 241%, with shipments to the US rising 21% and to China by 13%.

Exports of all flats rose – except for hot rolled wide strip – with quarto plate and cold rolled sheet seeing the largest growth. Longs shipments diverged, with rebar and heavy sections up 24% and 17% respectively, but merchant bar and wire rod declining.

Total EU steel trade deficit in the four months thus amounted to 1.4 million tonnes – it was 1.3mt in full-year 2023. Finished steel trade deficit was 775,000 t/month in the period, despite a slight surplus for longs.

The largest finished steel trade deficits were recorded with India (298,000 t/m), South Korea (218,000 t/m) and Taiwan (193,000 t/m). Surpluses were registered with the US (191,000 t/m), the UK (104,000 t/m) and Switzerland (76,000 t/m).

Adam Smith Poland

kallanish.com