EU imports of sheet and bar steel to grow - EUROFER

According to statistics from the European Association of Steel Producers (EUROFER), EU steel imports increased by 14 percent throughout 2014, and stocks of finished imported steel increased, which is estimated at 19 percent. Cold-rolled sheets and hot-rolled sheets began to be imported to European countries by 15 percent more than in 2013, supplies of section steel increased by about 33 percent. The main exporters of flat products in the region are China, Russia and Ukraine. The main countries exporting long products are Turkey, China and Ukraine.

Steel imports to the EU increased significantly in the third quarter of last year. Imports recorded an increase of 13.4 percent during the quarter, compared to the same quarter a year ago. Imports of semi-finished products fell 15 percent during the year, while imports of finished steel products made a big jump of 30 percent. In Q3 2014, imports of flat and long products grew by 28 and 34 percent, respectively.

Customs data released for the last quarter of the year show that the upward trend in imports continued in the 4th quarter of 2014. Imports of finished goods rose 10 percent in the last quarter of the year. A strong rise was seen in the import of semi-finished products during October and November. In the total volume of imports of finished products increased by more than 10 percent. Flat products have grown by 12 percent.

Calculations show that imports will remain at elevated levels in 2015 and 2016, as noted by EUROFER. Lack of demand growth in emerging market economies could push their excess production into strong international markets. Significant growth in imports from China will continue to pose problems. Nonetheless, Russian metallurgists are likely to benefit from the ruble's decline. Steel shipments to the EU region are projected to increase by 2 percent in 2015.