The EU imported metal from Russia for €1.5 billion in six months

In January-June 2024, the European Union (EU) imported 2.87 million tons of metallurgical raw materials of Russian origin. The cost of imports of these products amounted to €1.4 billion.

RBC-Ukraine reports with reference to GMK Center based on Eurostat data.

Semi-finished products accounted for the bulk of imports: over 6 months, the EU bought 1.71 million tons of slabs and billets. Belgium, Italy, Denmark and the Czech Republic bought the most Russian slabs.

Russian pig iron also accounts for large volumes of imports: it is mainly bought by Italy and Latvia.

Supplies of Russian-made ferroalloys have also increased significantly: in January-June 2024, the EU bought 74.3% more Russian products compared to the same period in 2023.

“Russian producers offer products at significant discounts, and most plants are dependent on this. In addition, the sanctions packages have not included a complete ban on such imports for a long time, or still do not include a complete ban on such imports. In the case of slabs, the European Commission decided to ease restrictions and allow imports from Russia to continue. There is a risk that this case will be used to lift restrictions on imports of pig iron from Russia. At the same time, Ukraine, as a future EU member, has every opportunity to replace Russian products on the European market,” GMK Center analysts point out.

Earlier, PACE members called on the EU to tighten sanctions against the Russian steel industry. The Kremlin managed to extend quotas for Russian slabs for another four years, although they were due to expire in September 2024.

This will allow Russia to import more than €8 billion worth of products to the EU.

Author - Dmitriy Levchenko, 09/09/2024