Italy imported 6.1 million tons of steel from third countries in January-October

Rome: In January-October 2024, Italy reduced imports of rolled steel products from third countries by 8.2% compared to the same period in 2023, to 6.12 million tons. This is evidenced by GMK Center’s calculations based on Eurostat data.

Over 10 months, imports of flat products decreased by 6% y/y and long products by 26.2% y/y – to 5.58 million tons and 541.16 thousand tons, respectively. Flat products accounted for more than 91% of total steel imports to Italy in January-October 2024.

Hot-rolled flat products (HS 7208) accounted for the bulk of imports – 3.22 million tonnes (-16.1% y/y), coated flat products (HS 7210) – 1.15 million tonnes (+15% y/y), and cold-rolled flat products (HS 7209) – 535.73 thousand tonnes (+28.4% y/y).

In October, imports of rolled steel products to Italy totaled 923.07 thousand tons, down 19.9% y/y. Supplies of long products decreased by 19.3% y/y – to 73.86 thousand tons, and flat products by 19.9% y/y – to 849.21 thousand tons.

Italy’s steel exports decreased by 10% y/y over 10 months to 1.56 million tons. In particular, exports of long products fell by 14.3% y/y – to 870.07 thousand tons, and flat products by 3.8% y/y – to 690.22 thousand tons.

The largest exports were hot-rolled flat products (HS 7208) – 223.1 thousand tons (-20.9% y/y), wire (HS 7217) – 209.44 thousand tons (-7.3% y/y), and rebar (HS 7214) – 159.67 thousand tons (-23.8% y/y).

In October, Italy exported 163.45 thousand tons of rolled steel, which is 2.6% less compared to October 2023. Exports of long products increased by 0.7% y/y – to 98.44 thousand tons, while flat products decreased by 7.2% y/y – to 65.01 thousand tons.

As GMK Center reported earlier, in 2023, Italian steelmakers reduced steel production by 2.5% compared to 2022, to 21.06 million tons. The decline in steel production was driven by a decline in global demand for steel products and high energy costs.

Long products production for the year amounted to 11.68 million tonnes, down 2.9% compared to 2022, and flat products production amounted to 9.54 million tonnes (-0.1% y/y).