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Sep 29, 2023
EU sanctions against Russian steel imports from 30 September 2023 – Stainless Espresso

2023-10-03
29 September 2023 – New EU sanctions against Russian steel products will come into force on 30 September, requiring manufacturers to prove that their processed products do not contain Russian steel. This is likely to affect India in particular. In China, the indications of a further economic recovery are growing stronger. 

EU sanctions against Russian steel imports from 30 September 2023

From 30 September 2023, European sanctions against a large proportion of Russian steel products will come into force. This means that neither steel and stainless steel products originating in Russia may be imported into the EU, nor may other origins enter the EU via the Russian transport route. From this date, importers into the EU will also have to prove that their products do not contain Russian steel.

India particularly affected by EU sanctions against steel

The new EU sanctions are likely to be a challenge for India in particular. Companies there had been importing steel products from Russia excessively over the past 18 months. The European Union is also an important sales market for India. In 2022 alone, India exported almost 54 billion euros of finished products to Europe. Of this, almost 6 billion euros in steel and iron products alone. This is likely to lead to increased control efforts by the European customs authorities from 30 September. Also with regard to the verification of faked documents of origin.

China: Signs of further economic recovery

In China, there are increasing signs of a reviving economic recovery. Chinese industrial companies’ profits rose 17 per cent in August from a year earlier, their sales rose 0.8 per cent and industrial production grew more than expected. 

The month-on-month rebound in producer and consumer prices suggests that supply and demand are aligning. 

State stimuli seem to be having an effect

The targeted government stimuli with which Beijing is trying to sustainably strengthen employment and income seem to be having an effect. The day before yesterday, the central bank hinted at further interest rate cuts to strengthen credit and consumer demand and held out the prospect of stronger support for housing construction. Further stimulus to domestic goods demand should be expected in the coming week.

Source: Steel News

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