The European Commission has adopted its twelfth sanctions measure against Russia, which includes a ban on the import of various raw materials for steel production. “The decision imposes additional restrictions on the import of goods that bring significant revenue to Russia, allowing it to continue its aggressive war against Ukraine,” the document text said. Among them, the import of ferroalloy products (CN code 7202) is prohibited. However, deliveries for contracts signed before December 19, 2023 can be completed until December 20, 2024.
It is worth noting that Russian alloys occupy one of the key positions in the European ferrotitanium market, although many consumers have previously refused to purchase these products to avoid reputational risks. A European ferrotitanium manufacturer shared comments: “It is difficult to say whether this situation will affect prices. Business is stagnant and there are almost no transactions on the site at the moment.” At the same time, these products could previously be sold in Europe with different origins, mainly from the Baltic countries.
According to Russian Federation export statistics, in 2023, the export volume of ferrosilicon (73-77% Si) was 89,100 tons, the export volume of low carbon ferrochromium was 59,800 tons, the export volume of high carbon ferrochromium was 31,100 tons, and the export volume of silicon manganese (SiMn) was 59,800 tons. 65%Mn; 17%Si) export volume is 19,000 tons, high carbon ferromanganese (75%Mn) export volume is 13,300 tons and ferrotitanium (70%Ti) export volume is 10,900 tons, as well as a small amount of other ferroalloy products
For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.
