While total imports of finished steel to the EU in February decreased by 15.6% year-on-year to 1.7 million tons amid weak end-user demand and expectations of tougher trade measures, consumption of products from South Korea and China reversed the trend, according to the ISSB.
Indonesia has also significantly expanded its presence in the EU market, with imports of finished steel to the EU increasing fivefold and reaching 99,000 tons in February, Kallanish notes.
Shipments from South Korea increased by 28.7% to 303,000 tons, while shipments from China increased by 10.7% to 169,000 tons compared to the same month last year, the ISSB said. In January, both countries already saw record high sales in the EU.
Meanwhile, China's preliminary customs data indicate that Europe continued to absorb large volumes of finished Chinese steel in March. Exports to Europe totaled 256,000 tons after 307,000 tons in February and 277,000 tons in January. Korean exports to the EU also remained at a high level, amounting to 268,000 tons in March after 319,000 tons in the previous month, the ISSB said.
The growth in imports of Asian steel is taking place even as key sectors of European demand show signs of weakness.
Separately, the ISSB notes that in February, imports of finished steel to the UK increased by 27.3% year-on-year to 498,000 tons, "after the country's transition[Tata Steel UK's underway]to electric steelmaking".
Shipments from major EU suppliers increased, including Spain and Germany, while imports from Turkey and Vietnam decreased by 33.2% and 63.4%, respectively. However, imports from South Korea and China increased by 16.1% and 5.1%, respectively.
Globally, the total volume of exports of finished steel products from China in March increased by 6.3% year-on-year to 10.5 million tons, despite the fact that total exports decreased by 4.8% in dollar terms.
Shipments of finished steel products from South Korea to foreign markets totaled 2.2 million tons in March, compared with 2.3 million tons in the same month a year earlier.
Elina Virchenko Turkey
kallanish.com
