EU imports of Russian iron and steel, nickel, copper and aluminum down 11%-49%
The European Union continues to cut its imports of Russian iron and steel, aluminum, nickel and copper in the first quarter with declines ranging between 11% and 49% year on year, although there were exceptionally high purchases of Russian alloy steel and aluminum cans and containers, according to data collected in S&P Global Market Intelligence Analytics Suite.
In January-March, the EU bought 1.42 million mt of iron and steel products under HS code 72, a decline of 11% from 1.59 million mt imported in the first quarter last year.
Compared with Q1 2022, imports dropped by 57.5% from the 3.3 million mt. Steelmaking inputs and semi-finished steel made up 93% of the total in the first quarter this year, while in Q1 2022 sponge iron and semis comprised two-thirds, meaning that the total reduced at the expense of higher value-added products.
Year-on-year, the biggest declines were reported in the imports of spongy ferrous products and in pig iron, with both contracting by roughly 100,000 mt each to 254,541 mt and 198,754 mt, respectively.
Imports of semi-finished steel remained broadly stable at 874,130 mt.
Alloy steel imports soaring
Imports of alloy steel from Russia increased significantly however, rising by more than ten times year on year to 54,514 mt in Q1. This was also up from 20,100 mt in Q1 2022.
Imports of ferroalloys saw rose to 22,420 mt, up 47% from 15,246 mt in the first quarter last year, but still below 74,050 mt imported in the first quarter of 2022.
In Q1 2024, the EU bought 24,145 mt of Russian nickel under HS code 75. Nickel mattes, oxide sinters and unwrought nickel comprised over 98% of the total. The overall tonnage was 31% lower year on year, and 55% lower compared with the first three months of 2022.
Copper imports (HS code 74) from Russia saw a 35.2% year on year drop to 11,890 mt, which was also 89.3% lower than the tonnage imported in Q1 2022. Refined copper and copper alloys comprised 90% of the total.
Aluminum saw steepest decline
The EU’s first quarter imports of Russian aluminum under HS code 76, excluding casks, cans and structures, fell more than the other metals, nearly halving to 101,770 mt. This was also a 65.5% decline from 295,116 mt imported in January-March 2022. Unwrought metal comprised over 87% of the total.
However, the EU ramped up its purchases of Russian aluminum-made casks, drums, cans and containers – all measured in units rather than tons. In Q1 2023, imports stood at 11.19 million units, almost 24 times more than 473,616 shipped in a year earlier, and in January-March 2024, imports remained elevated at 7.79 million units.
Author: Katya Bouckley, katya.bouckley@spglobal.com
UK suspends Iran, Russia HR flats anti-dumping duties
The UK has partially or completely suspended anti-dumping duties on flat steel from Iran and Russia in the case the product concerned is subjected to safeguard duty, once the applicable import quota has been surpassed, says the UK Trade Remedies Authority.
The trade remedies notice published on 2 August is effective immediately, Kallanish notes.
The anti-dumping duty on the steel goods will be charged only until the relevant import quota is exceeded. After that point, only the portion of the anti-dumping duty exceeding the safeguard duty along with the safeguard duty itself will be charged.
The hot-rolled flat iron, non-alloy, or other alloy steel goods subject to both anti-dumping and safeguard duty are usually imported into the UK under the following UK global tariff (UKGT) commodity codes: 72 08 10 00 00, 72 08 25 00 00, 72 08 26 00 00, 72 08 27 00 00, 72 08 36 00 00, 72 08 37 00 10, 72 08 37 00 90, 72 08 38 00 10, 72 08 38 00 90, 72 08 39 00 10, 72 08 39 00 90, 72 08 40 00 10, 72 08 40 00 90, 72 08 52 10 00, 72 08 52 99 00, 72 08 53 10 00, 72 08 53 90 00, 72 08 54 00 00, 72 11 13 00 11, 72 11 13 00 19, 72 11 14 00 10, 72 11 14 00 91, 72 11 14 00 95, 72 11 19 00 10, 72 11 19 00 91, 72 11 19 00 95, 72 25 19 10 90, 72 25 30 90 00, 72 25 40 90 00, 72 26 19 10 91, 72 26 19 10 95, 72 26 91 91 11, 72 26 91 91 19 and 72 26 91 99 00.
The new specific anti-dumping duty rates payable on hot-rolled steel originating in Iran or Russia vary upon exporter and origin.
In case of Iranian exporters, Mobarakeh Steel Company and others, there will be no anti-dumping duty after the suspension.
For Russian exporters, namely for NLMK and Severstal, there will be no anti-dumping duty after suspension, while for Magnitogorsk Iron Steel Works (MMK) and other Russian producers there will be an anti-dumping duty of £19.57/tonne ($24.90), or 8%. Before the suspension, Iranian exporters were levied with £48.12/t (17.9%).
For Russian exporters, the anti-dumping duty before suspension is £44.61 (15%) for NLMK, £14.73 (5.3%) for Severstal and £80.76 (33%) for MMK and others.
The public notice does not cover HR flat steel originating from Brazil or Ukraine, as it is excluded from the safeguard duty.
Elina Virchenko UAE
