In 2024, the European Union experienced notable growth in the trade of iron, steel, and related articles, underscoring its key role in the global steel market. According to data released by Eurostat, the EU exported €77.8 billion worth of iron and steel products while importing €73.1 billion worth, resulting in a trade surplus of €4.7 billion. This performance is indicative of the EU’s steady dominance in the global iron and steel industry despite challenges faced in trade volumes.
Key Statistics and Trends
Compared to 2019, the EU's iron and steel export value saw a remarkable increase of 15.2%, with exports rising by €10.3 billion. However, despite the growth in export values, the physical volume of exports fell by 17.3%. Similarly, imports into the EU increased by 23.7% in value, rising by €14.0 billion, but the volume of imports saw only a modest decrease of 1.6%. This reflects the influence of rising steel prices, which were the primary drivers behind the increased trade value, rather than a surge in the quantity of goods traded.
In terms of specific sectors within the iron and steel trade, iron and steel products (excluding related articles) contributed significantly to export growth, with a 9.9% rise in value compared to 2019, reaching €32.3 billion in 2024. However, export volumes for these products fell by 14.6%. Conversely, articles made of iron and steel saw a more pronounced rise, with exports increasing by 19.3% to €45.5 billion. The demand for these products also saw a 28.7% increase in imports, with import values rising to €33.6 billion.
Turkey’s Rising Influence in EU Exports
Turkey emerged as the EU’s largest export destination for iron and steel in 2024, receiving shipments worth €6.2 billion. This marks a significant rise, reinforcing Turkey’s role as a critical player in the global iron and steel market. It also ranked as the third-largest source of EU iron and steel imports, valued at €3.5 billion. This highlights the importance of Turkey in both the import and export dynamics of the EU's steel industry.
The United States followed as the second-largest export destination for the EU, with iron and steel exports amounting to €5.4 billion. Other notable export markets included the United Kingdom (€4.0 billion), Switzerland (€2.1 billion), and Mexico (€1.7 billion). Trade with Mexico saw a remarkable increase of 54.1% compared to 2019, reflecting growing demand for EU-produced steel in the region.
Shifting Patterns in Steel Imports
On the import side, India emerged as the top supplier of iron and steel products to the EU, contributing €3.9 billion to the total import value. South Korea followed closely at €3.6 billion, with China and Turkey each supplying €3.5 billion in imports, putting them on par with each other. The EU's imports from India saw the most significant rise, growing by 89.2% since 2019. This surge in imports from India and South Korea is indicative of shifting global supply chains in the steel industry, as countries outside the traditional suppliers are becoming increasingly influential.
For articles made of iron and steel, the United States became the primary export market for the EU, with imports rising by 45.1% to €8.0 billion. Other major destinations included the United Kingdom, Switzerland, and China. On the import side, China again played a dominant role, accounting for 37.3% of the EU's total imports of steel articles, valued at €12.5 billion. Imports from China, Turkey, and India saw notable increases, with China’s contribution growing by 37.0%, Turkey’s by 82.4%, and India’s by 40.5%.
Long-Term Trends and Forecast
As global steel markets continue to evolve, these shifts in trade patterns suggest an increasing diversification in sources and destinations for iron and steel. The EU's strong performance in 2024 points to its continued importance in the global steel trade, though challenges such as fluctuating prices, environmental regulations, and the need for sustainable production technologies will shape the future of the industry.
Key Takeaways
• EU Export Value: The EU exported €77.8 billion worth of iron, steel, and related products, achieving a trade surplus of €4.7 billion in 2024.
• Export Growth: Exports of iron and steel products rose by 15.2% in value compared to 2019, though export volumes declined by 17.3%.
• Leading Export Destinations: Turkey was the EU’s top export destination, with shipments worth €6.2 billion, followed by the United States (€5.4 billion).
• Iron and Steel Articles: Articles made from iron and steel showed a 19.3% increase in export value, reaching €45.5 billion.
• Import Shifts: India became the largest supplier of iron and steel products to the EU, followed by South Korea and China.
• Significant Growth in Imports: The EU’s imports of steel articles saw a 45.1% rise from the United States, with imports from China reaching €12.5 billion.
• Changes in Trade Volumes: While trade values rose, the physical volume of both exports and imports declined slightly.
