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Europe probably would face steel and iron ore shortages
Author：Dongguan VG Fasteners Co., Ltd.
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Time：2022-03-22 16:50:09
Europe probably would face steel and iron ore shortages
There may be a shortage of steel and iron ore in Europe. Many Ukrainian steel companies announced to suspend production. And the steel products parked at the port have not been shipped. The ongoing military operation on Ukrainian soil and U.S. and Western sanctions on Russia could lead to a shortage of steel and iron ore in Europe, Philippine dealers said. Russia and Ukraine are among the major exporters of ferrous metals. According to the data provided by the Russian Federal Customs Service, in 2021 Russia exported 3.7 million tons of steel products to EU countries, and Ukraine exported more than 2.5 million tons of steel products to EU countries. A shortage of products from Black Sea ports could have an impact on the global steel market, said Alexander Serlick, president of German Metal Consulting International.
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