Flat steel products’ exports increased by 38.6 percent to 641 thousand tons. A similar decrease was observed in exports of flat products with 536 thousand tons with 14.4 percent.
The European Automobile Manufacturers’ Association (ACEA) reacted to European Commission’s decision on steel imports in January.
EUROFER recently published its EU steel market outlook for 2019 following announcement of the European Commission finalized its safeguard measures on steel imports on Friday, February 1st 2019.
EU Steel imports have been under scrutiny by the European Commission following the surge of steel imports into Europe. The Commission announced provisional safeguards involving combined tariffs and quotas for European steel imports earlier this year in July.
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European steel market is getting back to stable footing in 2018. Nearing 2.5 million jobs, European Union’s steel market’s production and employment levels continue to rise. According to Eurofer’s report, European steel industry spends €3.9 billion in new machinery and labor annually.
Turkish steel exports experienced 27% increase compared to same period from last year with 8.4 billion tons. Analysts expect Turkey’s steel export shipments to exceed 11.5 billion from last year as global demand is booming.
Additional tariffs shocked the markets during 4-month period pushing local Turkish steel exporters to balance the market by shifting their attention to demand from South American countries such as Chile, Ecuador and Panama, and significantly increasing the exports to European Union countries lead by Italy, and Spain. According to Turkish Statistical Institute’s data, Turkey exported $13.8 billion in steel and finished steel goods, while 9% exports were made to the United States in 2017.
As United States’ temporary steel tariff exemption offered to EU and few other countries including Mexico comes to an end of 30th of April, it is uncertain how and whether US government will extend the steel tariff and quota exemptions on 1st of May. Turkish steel exports were up 39% year over year to EU during the first two months of 2018 with 413,387 tons. In 2017, Turkish hot rolled coil exports were up by 85% with 1.89 million tons, pointing out to stark contrast between EU and US as markets in terms Turkish steel exports.
Turkish steel imports have been consistently increasing during February 2018, semi-finished steel imports reached 407,500 tons with 26.3% YoY increase, while long steel product imports amounted to 123,000 tons, signaling 15.2% YoY increase. Flat steel product imports volume also experienced a slight increase with 1.4% reaching 626,220 tons.