04/10/2024
Mining News

EU maintains significant imports of Russian steel raw materials in 2024

From January to July 2024, the European Union imported 3.36 million tons of steel raw materials from Russia, totaling €1.62 billion, according to calculations by GMK Center based on Eurostat data.

Semi-finished products, primarily slabs and billets, dominate these imports, with 1.93 million tons shipped, valued at €996.96 million. Belgium led consumption at 758.7 thousand tons, followed by Italy (416.26 thousand tons), Denmark (296.39 thousand tons, up 1.2% year-on-year), and the Czech Republic (278.56 thousand tons, up 22.9% year-on-year).

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Pig iron imports also remained substantial, totaling 674.44 thousand tons and generating €275.32 million in revenue. Italy received the largest share at 501.33 thousand tons, while Latvia imported 85.51 thousand tons, marking a 71.9% increase year-on-year.

Ferroalloy imports surged by 128.4% compared to 2023, reaching 58.83 thousand tons and costing €110.91 million. The Netherlands accounted for over 81% of these imports, with a significant 180.1% increase to 48.06 thousand tons.

Other imports included 20.14 thousand tons of scrap, valued at €11.73 million, and 9.36 thousand tons of iron ore at €1.33 million. Direct reduced iron imports reached 666.02 thousand tons, costing €227.52 million.

Despite sanctions, the EU continues to rely on Russian steel products, benefiting from significant discounts. Notably, the European Commission has eased restrictions on slab imports, raising concerns about a potential lift on pig iron import restrictions. Meanwhile, Ukraine, as a prospective EU member, has the opportunity to replace Russian products in the European market.

In 2023, EU imports of steel and mining products from Russia dropped by 39.5% compared to 2022, totaling 4.8 million tons, with a 38.5% reduction in costs to €2.4 billion. Semi-finished products accounted for 69.4% of total imports.

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