The United States has practically stopped buying iron and steel from Russia

The import of ferrous metals in Russia almost zeroed in July 2022, follows from the data of the US Census Bureau, which drew attention RBC. In July, the US bought $0.6 million worth of ferrous metals from Russia, compared with $201 million in June.

In 2021, the US accounted for 9% of the supply of ferrous metals from Russia. Last year, the US imported ferrous metals from Russia worth $2.77 billion (an average of $230 million monthly). In July 2022, imports of Russian ferroalloys and semi-finished products from iron and steel, which accounted for the main supplies within ferrous metals, fell to $0.4 million and zero (compared to $112.5 million and $88 million in June).

Purchases of ferrous metals fell due to the fact that on April 7 the United States deprived Russia of the status of the most favored nation in trade. In June, the import tariff on steel and several types of steel products was raised to 35%.

The supply of metals that were not subject to sanctions and tariffs also decreased. Imports of Russian platinum group metals (palladium, platinum, rhodium) to the US in July amounted to $34 million compared to $76 million in June and $258.5 million in May. To the share of Russia account for about 40% of the world’s supply of primary palladium.

In June and July, steel purchases from Russia increased India. According to the Indian customs, imports of ferrous metals (TNVED 72) from Russia in July in annual terms increased five times – up to 29.7 thousand tons. According to Argus, in August, India increased its imports of finished steel by 11.8% compared to 2021, to 442 thousand tons.

Read more about how Russian exports of metals and coal are reoriented to Asia in the material. “Indostal”.

Anastasia Larina