In the first eight months of 2024, the European Union has significantly increased its imports of direct reduction iron, totaling 1.91 million metric tons. This figure represents a 6% rise compared to the same period in 2023, according to data from Eurostat. This uptick in DRI imports reflects ongoing trends in the steel industry as manufacturers seek alternative materials for production amid fluctuating global supply chains.
The main importers of DRI within the EU are Italy, Germany, Belgium, and the Netherlands. Italy continues to lead the way, importing approximately 489.58 thousand metric tons, though this marks a substantial decline of 19.7% year-on-year. Germany follows closely with 417.36 thousand metric tons, also experiencing a decrease of 4.1%. Belgium's imports dropped even more sharply, falling by 26.4% to 189.95 thousand metric tons. In contrast, Spain saw a modest increase of 1.1% with 162.89 thousand metric tons, while the Netherlands reported significant growth, importing 261.22 thousand metric tons compared to just 66.65 thousand metric tons during the same period in 2023.
Russia remains the predominant supplier of DRI to the European market, shipping 718.83 thousand metric tons during the January-August period. However, this figure represents a 17.9% decrease compared to last year. Italy is the largest recipient of Russian DRI, importing 368.01 thousand metric tons, a decline of 25.8% year-on-year. Belgium and Poland follow as secondary importers, with Belgium receiving 158.51 thousand metric tons (down 22.9% year-on-year) and Poland increasing its imports to 99.72 thousand metric tons, which is an impressive rise of 202.2%.
Meanwhile, Libya has stepped up its exports, shipping 385.95 thousand metric tons of DRI to the EU—an increase of 23% from the previous year. Venezuela also made significant gains, exporting 182.49 thousand metric tons of DRI, a substantial increase of 42.5%. This shift indicates a diversification of suppliers for the EU, with countries like Libya and Venezuela playing a more prominent role in meeting demand.
In August 2024 alone, the EU imported 217.9 thousand metric tons of DRI, which is 16.6% higher than in August 2023 but down 37.3% from July 2024. The month saw some notable changes in the supplier landscape as well. Russian DRI exports to the EU fell to 52.81 thousand metric tons, down 17.3% year-on-year and 39.2% month-on-month. In contrast, Libya increased its shipments to 47.5 thousand metric tons, marking a remarkable year-on-year increase of 82.4%, although this was a decrease of 48.9% compared to July.
Venezuela did not export any DRI to the EU in August, a stark change from the previous month when it shipped 118.12 thousand metric tons. In August 2023, Venezuela had sent 34.56 thousand metric tons, underscoring the volatility in trade relationships.
