EU Imports 5.04 Million Tons of Steel Raw Materials from Russia in 2024
In the first 11 months of 2024, the European Union (EU) imported 5.04 million tons of steel raw materials from Russia, totaling €2.39 billion in value, according to GMK Center’s analysis of Eurostat data.
The majority of these imports were semi-finished steel products, including slabs and billets. During the period, the EU imported 2.91 million tons of these products, representing a 2.8% year-on-year (y/y) increase. The value of semi-finished product imports amounted to €1.48 billion. Among the largest consumers were Belgium, Italy, Denmark, and the Czech Republic, which saw notable increases in imports. Pig iron imports also formed a significant portion of the steel raw materials from Russia, totaling 1.03 million tons, worth €420.3 million. Italy and Latvia were the primary importers, with Latvia’s imports increasing by 91.5% y/y.
The EU’s imports of Russian ferroalloys surged by 40.9% in 2024, amounting to 59.43 thousand tons, while imports of scrap steel were lower at 42.61 thousand tons. Direct reduced iron imports from Russia reached nearly one million tons, valued at €333 million. Despite ongoing sanctions, the EU continues to rely on Russian steel products, as Russian producers offer competitive prices. Most EU steel plants remain dependent on these imports, especially for products like semi-finished steel. Notably, the European Commission has allowed some flexibility on slab imports from Russia, easing certain restrictions. This raises concerns that similar exceptions could be made for pig iron imports, allowing Russian steel products to continue flowing into the European market.
In comparison, EU imports of steel and mining products from Russia dropped by 39.5% in 2023, falling to 4.8 million tons, but this recent increase in 2024 suggests that Russian steel still holds a significant market share. With the potential future EU membership of Ukraine, there is a growing expectation that Ukrainian steel could eventually replace Russian products in the European market, though that shift will take time.
