According to the report, Russia and Ukraine were the main steel exporters of the European Union (EU) before the Russo-Ukrainian War, accounting for 20% of EU imports of finished steel products. The European Steel Association (Eurofer) has announced that Taiwan and South Korea are currently replacing Russia and Ukraine among the EU's main finished steel suppliers in 2022.
Turkey, India, China, Taiwan and South Korea are currently the leading steel suppliers to the EU. The aforementioned countries account for 51% of their total exports to the EU. Some market participants estimate that global steel consumption in 2022 will decrease by 2.0% y-o-y to 1.795 billion tons. In 2023, global steel demand is projected to increase by 0.4% annually to reach 1.801 billion tons.
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