BRUSSELS (Scrap Register): Having fallen by 10% over the whole year 2018, total EU exports of steel products to third countries continued their downward trend over the first two months of 2019, the European Steel Association (EUROFER) said in its latest report.
The 7% year-on-year drop over this period was the result of a 34% year-on-year reduction in semis exports and a 4% fall in finished steel products exports. Underlying figures show that exports of flat products fell by 7% year-on-year while long product exports rose by 3% year-on-year.
Over the first two months of 2019, the United States, Turkey and Switzerland remained the largest export destinations for EU finished product exports, followed by Algeria and Mexico. These three countries together accounted for 38% of total EU finished product exports over this period.
Exports to the US grew by 35% year-on-year over the first two months of 2019. However, the volumes shipped by EU producers to the US in January and February 2018 were lower than usual. Compared with the monthly average of export over the whole year 2018, imports over the first two months of 2019 fell by 8%.
Meanwhile, exports to Turkey fell by 40% year-on-year and exports to Switzerland dropped by 6% compared with the same period of 2018.