Steelmakers in the UK are calling on their government to impose sanctions to prevent indirect imports of Russian steel from third countries, as there is a risk that Russian steel may be redirected to the UK from the EU, according to a media report by the Financial Times. The EU will ban the imports of finished steel products processed in a third country using Russian billet as of April 1, 2024, and products processed by using Russian slabs as of October 1, 2024, as SteelOrbis previously reported.
Trade association UK Steel stated that, despite the UK’s ban on imports of finished steel from Russia imposed in April, Russia still generates billions of dollars as third countries export processed Russian steel purchased at low price levels to the EU at lower prices, causing domestic prices in the UK to be uncompetitive.
According to UK Steel, the government should act fast to close the loopholes in the sanctions against Russia. On the other hand, these sanctions may lead to steel shortages in the UK steel market, SteelOrbis understands.