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EU–Russia Steel Trade (Jan–Apr 2025): Resilient Volumes, Falling Revenues

Despite ongoing sanctions, EU imports of Russian-origin iron and steel products rose 8.6% year-on-year in the first four months of 2025, reaching 2.12 million tonnes. However, the total value of these imports declined by 8.7% to €867 million, indicating a significant drop in per-tonne prices.

Key Product Insights

• Semi-Finished Steel: Still the largest category, with 1.16 million tonnes imported (–3.6% YoY), worth €533 million (–14.6%). Major buyers included Belgium, Italy, Czechia, and Denmark.

• Pig Iron: Imports surged by 160% to 697,000 tonnes, valued at €254 million (+130%). Italy led demand, accounting for 75% of volumes.

• Direct Reduced Iron (DRI): Dropped sharply to 241,300 tonnes (–44.1%), with value down 50.7% to €73 million.

• Scrap: Imports more than doubled (+120%) to 17,600 tonnes, reflecting opportunistic purchases amid shifting trade flows.

• Ferroalloys: Nearly vanished from trade, with just 3.1 tonnes imported.

This pattern suggests that while certain Russian steel inputs remain in demand—particularly pig iron and scrap—others like DRI and ferroalloys are being rapidly phased out under tightening EU sanctions.