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According to market participants, the shortage of steel and iron ore might occur in Europe due to the current Russia-Ukraine war and Western countries’ sanctions on Russia.
Russia and Ukraine are two of the major exporters of ferrous metals. According to statistics, Russia’s steel exports to the EU countries totaled 3.7 million tons in 2021, and the steel exports from Ukraine to the EU were more than 2.5 million tons.
A president of a German consulting company said that the shortage of products from Black Sea ports could affect the global steel market.
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