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).
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.
