According to the US Census Bureau, imports of ferrous metals into the United States from Russia almost stopped in July 2022: $0.6 million compared to $201 million in June. attention to it drew RBC.
In 2021, 9% of ferrous metals were supplied to the United States from Russia, while imports of ferrous metals amounted to $2.77 billion (an average of $230 million every month). In June 2022, the main shipments within this group were ferroalloys ($112.5 million) and iron and steel semi-finished products ($88 million), in July such shipments decreased to $0.4 million and zero, respectively.
Purchases of ferrous metals fell due to the fact that in April the US Congress approved a ban on the export of Russian energy products and deprived it of the status of the most favored nation in trade. In June, Washington published the final list of Russian goods on which the import tariff was raised to a barrage level of 35% of the customs value. This list includes steel and several types of steel products.
The supply of metals that were not formally subject to tariffs and sanctions also decreased, according to the Census Bureau. Thus, imports of Russian platinum group metals (palladium, platinum, rhodium) to the US in July amounted to only $34 million against $76 million in June and $258.5 million in May.
As for the largest importers of ferrous metals from Russia, in June they were Turkey ($546 million), EU countries ($522 million) and the USA ($201 million). China increased purchases of Russian iron from $163.5 million in June to $337.4 million in July. In July 2021, Beijing imported Russian ferrous metals worth $84.5 million.
According to the Fastmarkets pricing agency, Mexico and Taiwan are also becoming the main sales markets for Russian steel. In addition, iron and steel semi-finished products and rolled steel go to the markets of the Middle East and India.
According to the Indian customs, imports of Russian ferrous metals (TNVED 72) in July in annual terms increased five times – up to 29.7 thousand tons, wrote “Kommersant”.
In early August, the Russian Ministry of Industry and Trade gave eight years to restore exports of metallurgists to the level of 2019-2020. The volume of sales of goods to foreign countries and sales within Russia will be able to grow to the values of two years ago only by 2030. The department explained that companies need to redirect exports to the East, this will make it possible to restore supplies.