Iron ore imports into the European Union (EU) have been on a declining trend, with a notable -11.2% year-on-year decrease to 60.3 million tonnes in January-October 2023. Banchero Costa's report reveals that the EU, currently the third-largest global importer of iron ore, faces a continual decrease in imports, impacted by poor demand across regions except in Mainland China. The decline is attributed to factors such as reduced shipments from Brazil, with Canada emerging as the top supplier to the EU. European steel production accounts for only 7% of global crude steel production, and the EU represents 5% of global iron ore imports.

SOURCE: GOOGLE