Review and Prospect of EU Steel Consumption and Import and Export in 2022

According to a report released by the European Steel Association (EUROFER) in January 2023, in the third quarter of 2022, the apparent consumption of steel in the European Union dropped significantly, with a total of 32.2 million mt. Apparent steel consumption is expected to continue to decline in 2023. In the first 11 months of 2022, EU finished steel imports fell by 5% year-on-year. From January to November 2022, imports of flat products fell 9%, while imports of long products increased 10%. Exports fell sharply by 12% year-on-year, with that of flat products and long products falling 8% and 21% respectively. In the first 11 months of 2022, the EU's total steel trade deficit reached 1.8 million mt per month.