EU steel imports surge in July

EU imports of steel products increased sharply on the year in July, but edged down compared with June, data from European steel association Eurofer showed.

Overall imports rose by 26pc compared with July 2017 to 2.36mn t, with big increases in deliveries of flat and long products.

EU imports of hot-dipped steel increased by 42pc on the year to 428,120t, with a surge in supply from South Korea and China. Chinese galvanized product is subject to anti-dumping duties as well as a 25pc preliminary safeguard duty.

Belgium ramped up imports by 234pc on the year to 166,950t in July.

Imports of hot-rolled strip were up by 33pc compared with July 2017 at 771,900t, as a result of a 132pc increase in Turkish supply to the EU. Turkey shipped 281,200t, representing over 3pc of all EU imports.

The large increase in strip supply from Turkey and elsewhere could be the result of attempts to front-load shipments before the tariff-rate quota was enforced, one steelmaker said.

"We have to see if August corrects down or stays strong. It is no real surprise that Turkish [HRC exports are] strong" considering the economic turbulence in the country, he said. Around 100,000t typically supplied to the domestic market has been allocated for export as a result of the slump in the Turkish currency — the lira.

Italian wide-strip imports were 20pc higher than a year earlier at nearly 300,000t in July.

EU merchant bar and wire rod imports increased by 55pc and 30pc on the year, respectively. But rebar imports fell by 8.8pc to just 89,500t.

Steel exports from EU countries fell by 13pc on the year to 1.56mn t in July, with shipments to the US 9.3pc lower at 238,500t. Exports to Turkey dropped by 34pc on the year to 263,700t, mainly because of lower strip supply. European mills are watching Turkish shipments very closely, traders said.