EU imported 2.26 million tons of DRI in January-October

Imports increased by 3.6% y/y

In January-October 2024, the European Union increased imports of direct reduced iron (DRI) by 3.6% compared to the same period in 2023, to 2.26 million tons. This is evidenced by Eurostat data.

The main importers of direct reduced iron among the EU countries for the period are Italy, Germany, Austria, and the Netherlands, in particular:

• Italy – 602.63 thousand tons (-16.6% y/y);
• Germany – 438.45 thsd tonnes (-21.4% y/y);
• Austria – 216.06 thsd tonnes (+33.1% y/y);
• Spain – 201.68 thsd tonnes (+1.8% y/y);
• Netherlands – 310.41 thsd tonnes (66.67 thsd tonnes in January-October 2023).

Russia is the largest supplier of DRI to the EU. In January-October, Russian enterprises shipped 889.6 kt of direct reduced iron to European consumers, down 11% y/y.

The main importer of Russian products is Italy – 457.99 thousand tons, down 18.8% y/y. Belgium is in second place with 158.51 thsd tonnes (-22.9% y/y), and Poland is in third place with 154.1 thsd tonnes (+250% y/y).

Libya shipped 423.2 thsd tonnes of DRI to the EU in 10 months, up 9.8% y/y. Venezuela exported 266.88 thsd tonnes of the product to the EU (+108.4% y/y).

In October, the EU imported 166.69 thsd tonnes of DRI, up 10.6% y/y and 6.9% m/m.

In October, the Russian Federation exported 100 thsd tonnes of raw materials to the EU (+126.8% y/y, +41.3% m/m), while Libya exported 23.07 thsd tonnes (+18.8% y/y, +62.6% m/m). Venezuela shipped 33.59 thsd tonnes of DRI to the EU, while in October 2023 it did not supply, and in the previous month – 50.8 thsd tonnes.

As GMK Center reported earlier, in 2023, the EU reduced imports of direct reduced iron (DRI) by 11% compared to 2022, to 2.61 million tons. In December 2023, the volume of DRI supplies to European consumers increased by 19.9% compared to the previous month, and by 146.5% compared to December 2022, to 213.12 thousand tons. The largest supplier of DRI is Russia – 1.19 million tons (-21.3% y/y).