Amidst the violence and humanitarian crisis unfolding in Ukraine, the dramatic spikes in the oil and natural gas markets have captured widespread attention, but the steel used in everything from vehicles to bridges and buildings is also entangled in these events. Steel is also essential for the development of renewable energy systems, but its emissions also need to be addressed. Unfortunately, as the metal’s global market is rattled by war and rising prices, Russia’s invasion of Ukraine removes the focus on decarbonization to more immediately pressing issues of security.
As the third-largest steel exporter, Russia shipped out 33.3 million tonnes of steel to over 130 countries in 2018. Ukraine also has an active steel industry and exports about 15 million tonnes of steel each year, making it the eighth-largest steel exporter. But as Ukrainians were called to fight and the Black Seas’ ports were closed, many of the country’s mills were forced to shut down. Some mills in Europe also idled their operations due to the surging natural gas prices.
Entering the Chinese New Year holiday, market trading is sluggish
Trade & Pricing: Europe's billet market trend 2024-2025
