The main share of imports is iron ore – 44.1 million tons

EU Import Overview
In January-July 2024, the European Union increased imports of mining and metal products from third countries by 1.8% compared to the same period in 2023, totaling 76.1 million tons, according to GMK Center’s calculations based on Eurostat data.

Key Import Components

Metallurgical raw materials accounted for most imports, reaching 55.67 million tons (+0.3% y/y). The main share of imports was iron ore, at 44.06 million tons (+0.3% y/y). Other imports included:

• Semi-finished products: 4.32 million tons (+4.8%)
• Scrap: 2.86 million tons (+16.9% y/y)
• Direct reduced iron: 1.69 million tons (+2.1% y/y)
• Ferroalloys: 1.34 million tons (-17.8%)
• Pig iron: 1.39 million tons (-18.4% y/y)

This increase in steel raw materials corresponds to a 1.5% y/y rise in steel production within the bloc, totaling 78 million tons.

Rolled Steel Product Imports

Imports of rolled steel products reached 18.58 million tons, up 6% from the previous year. Flat product shipments increased by 8.8% to 14.25 million tons, while long products decreased by 2.1% to 4.32 million tons. The primary volumes included:

• Flat hot-rolled steel products: 7.36 million tons (+4.5% y/y)
• Coated flat products: 4.1 million tons (+21.4%)

Demand Trends

Import trends indicate rising demand for flat products, primarily used in the automotive, machine-building, and household goods sectors. However, the decline in long product imports suggests weakness in the construction industry.

Pipe Imports

Pipe imports increased by 7.3% over the same period, reaching 1.85 million tons.

Export Trends

EU exports of iron and steel products to third countries totaled 28.21 million tons, down 18.5% y/y. Shipments of steel raw materials fell by 29% to 15.86 million tons, largely due to a 55.5% decrease in iron ore exports to 4.79 million tons. This decline is attributed to increased domestic demand amid higher steel mill utilization. Exports of pig iron totaled 49.12 thousand tons (-32.4% y/y), ferroalloys were 223.82 thousand tons (+51.8%), scrap was 10.21 million tons (-5%), and semi-finished products were 583.68 thousand tons (+8.6%).

Overall Export Performance

Exports of rolled steel products increased by 6.7% y/y to 10.65 million tons. Long product exports rose by 5.2% to 4.06 million tons, and flat products increased by 7.6% to 6.59 million tons. Key export items included:

• Flat rolled products from other alloy steels: 1.98 million tons (+17.4% y/y)
• Coated flat rolled steel: 1.73 million tons (+12.3%)

However, pipe exports decreased by 26% compared to January-July 2023, totaling 1.7 million tons.

Imports from Ukraine and Russia

In January-July 2024, the EU imported 10.21 million tons of iron and steel products from Ukraine, a 4% increase y/y. Steel raw materials accounted for 9.37 million tons (+2.9% y/y), with rolled products increasing by 18.5% to 740.59 thousand tons and pipes by 11.1% to 104.31 thousand tons.

Supplies of steel raw materials from Russia totaled 4.09 million tons, primarily consisting of 965.38 thousand tons of pig iron, 887.65 thousand tons of direct reduced iron, and 1.91 million tons of semi-finished products.