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The Steel market suffered a supply shock following the Russian invasion of Ukraine.

The supply disruptions of raw materials from Russia and Ukraine have led to a surge in prices and production costs globally.

Ukraine and Russia are important exporters of iron ore, with outward shipments of 46.3 million tonnes and 25.7 million tonnes, respectively, in 2020. 

Eastern European countries import a significant amount of iron ore from Russia and Ukraine. Poland imported 78% of its total ore shipments from Ukraine. Romania imported 35% from Ukraine, while Hungary imported 42.2% from Ukraine and 41.2% from Russia. The Czech Republic imported 78.4% from Ukraine and 14.2% from Russia. 

Outside the EU, Turkey is a major importer of Russian and Ukrainian iron ore, with import shares of 12.7% and 6%, respectively.

With subdued demand in China and the Ukraine-Russia war, the 'World Steel Association' forecasts that steel demand will grow by 0.4% in 2022 to reach 1,840.2 million tonnes after increasing by 2.7% in 2021.

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