The European Union imported 2.87 million tons of metallurgical raw materials of Russian origin worth EUR 1.4 billion in January-June 2024.
This was reported by the CFTS, citing the publication GMK Centre.
Semi-finished steel products accounted for the bulk of the imports. In the first six months of 2024, 1.71 million tons of slabs and billets worth EUR 886.98 million were shipped to the EU.
The largest importers of semi-finished steel products from Russia were Belgium (677,510 tons), Italy (355,320 tons), Denmark (282,330 tons, up 1.7% year-on-year), and the Czech Republic (230,240 tons, up 18.8% year-on-year).
Pig iron also accounted for a significant proportion of the imports, totaling 515,220 tons. Russian mining and metals companies earned EUR 208,890 from the delivery of pig iron to the EU.
The main destinations for pig iron were Italy (371,550 tons) and Latvia (82,700 tons, up 95.9% year-on-year).
Imports of Russian-produced ferroalloys into the EU market increased by 74.3% in the first half of 2024 compared to the same period in 2023, reaching 42,670 tons. The expenditure on these imports amounted to EUR 93.63 million, an increase of 37.7% year-on-year. The Netherlands accounted for over 76% of these imports, importing 32,580 tons, an increase of 99.1% year-on-year.
Imports of scrap metal from Russia totaled 17,380 tons (costing EUR 9.21 million), imports of iron ore totaled 9,360 tons (EUR 1.33 million), and imports of direct reduced iron (DRI) reached 579,170 tons (EUR 198.14 million).
The European Union continues to import significant quantities of steel products from Russia. This trend is predictable as Russian producers offer products at substantial discounts and most EU mills depend on them.
In addition, sanctions packages have either long excluded or not included a complete ban on such imports. Regarding steel slabs, the European Commission has decided to relax its restrictions and allow their importation from Russia to continue. There is a risk that this case will also be used to lift restrictions on pig iron imports from Russia.
However, as a future EU member, Ukraine has the potential to replace Russian products on the European market.
As the CFTS reported previously, several Italian companies continue to buy steel slabs from Russia, effectively financing its military aggression against Ukraine.
Despite the sanctions on other Russian steel products, Russian railway wheels continue to enter the EU market. This means that the Russians can dump and supply railway products at prices significantly lower than Ukrainian prices because of significantly lower energy prices.
In June, lawmakers from Estonia, Lithuania, Poland, Ukraine, the United Kingdom, and the United States called on the European Union to impose sanctions on Russian steel slabs and pig iron.
In July, the European Union's High Representative for Foreign Affairs and Security Policy, Josep Borrell, responded to the lawmakers' call, saying he fully agreed that all steel products from Russia should be banned without exception and that work was already underway.
