• 23/04/2024 23:14

The EU has reduced imports of Russian metallurgical products by almost 40% in 2023

Based on the results of 2023, the European Union reduced imports of mining and metallurgical complex (MMC) products from Russia by 39.5% compared to 2022 – to 4.8 million tons. This is evidenced by Eurostat data, reports GMK Center.< /p>

The EU has reduced imports of Russian metallurgical products in 2023 by almost 40%

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Expenditures on imports of Russian mining and metals industry products over the past year decreased by 38.5% compared to 2022 – to 2.4 billion euros.

The main share of imports falls on semi-finished products – 69.4% of total imports . Over the year, the EU imported 3.11 million tons of corresponding products from the Russian Federation, which is 16.6% less than r/p. The main volume of imports of semi-finished products comes from Belgium – 1.22 million tons (-16.8% yoy).

Iron ore supplies from Russia to the EU in 2023 amounted to 332.3 thousand tons, which is 88.2% less compared to 2022. Most of the raw materials were shipped to Slovakia – 185.94 thousand tons (-66% y/y). Imports of ferroalloys amounted to 46.1 thousand tons (-63.9% yoy), cast iron – 1.4 million tons (+20.1% yoy), scrap metal – 35.1 thousand tons (-95.3% y/y).

Main consumers of Russian products

Among the main consumers of these Russian products MMC in 2023:

    cast iron — Italy — 1.18 million tons (+22.1% y/y); ferroalloys – Netherlands – 34.5 thousand tons (-67.5% y/y); scrap metal – Lithuania – 31.35 thousand tons (+84% yoy).

According to the results of December 2023, the EU increased imports of mining and metals products from the Russian Federation by 104.3% mom, but decreased by 34.8% yoy. — up to 414.5 thousand tons. Import costs increased by 98.7% mom. and decreased by 17.5% year-on-year, to 185.2 million euros.

Despite the sanctions imposed against Russia, the Russian mining and metallurgical complex continues to receive significant profits from the export of products to the EU. Although the figures have decreased significantly compared to 2022, in particular, last year exports amounted to 7.92 million tons for 3.87 billion euros, supplies still remain at a high level.

minfin.com.ua

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