In a recent report from Eurostat, it has been revealed that the European Union has significantly reduced its imports of mining and metals products from Russia in the first quarter of 2024. Compared to the same period in 2023, imports have seen an 18.4% decrease to 1.11 million tons, with import costs also dropping by 11.9% to €583.3 million.
Semi-finished products made up the majority of imports, accounting for 78.7% of the total. The EU imported 874.1 thousand tons of semi-finished products from Russia, marking a 4.2% increase year-on-year. Belgium was the largest importer of these products, bringing in 351.38 thousand tons.
Iron ore supplies from Russia saw a significant decrease of 95.3% year-on-year, with all raw materials being shipped to Slovakia. On the other hand, imports of ferroalloys increased by 63.8%, while pig iron and scrap metal saw decreases of 34.3% and 21.3% respectively.
Despite the sanctions imposed on Russia, the mining and metallurgical complex in the country continues to profit from exporting products to the EU. Though the numbers have decreased compared to 2023, deliveries remain at a significant level.
Looking back at 2023, the EU reduced its imports of iron and steel products from Russia by 39.5% compared to 2022, with import costs declining by 38.5% to €2.4 billion. The latest sanctions package extended quotas on Russian slabs for another four years, easing previously imposed restrictions.
