Geopolitical conflicts continue to escalate or will affect the global steel industry pattern

In 2020, Russia was the 5th largest steel producer in the world, and Ukraine was the 14th largest producer of steel, producing 71.6 million tons and 20.6 million tons of steel respectively. The two countries exported 30.54 million tons and 7.71 million tons of finished products. In addition, they also exported 14.97 million tons and 7.49 million tons of steel billets, ranking first and fifth in the world respectively. In addition, they also exported 46.29 million tons and 25.73 million tons of iron ore respectively, of which 8.5 million tons and 17.44 million tons were exported to China in 2021. Russia also exported 5.2 million tons of scrap steel, and the two countries exported 4.8 million tons and 3.1 million tons of pig iron respectively. Russia is also the sixth largest coal producer in the world, exporting 211.69 million tons of coal in 2021, ranking third in the world. Once the military action and the scope of sanctions are further expanded, there is a high probability that it will have a significant impact on the supply of the international market. From the perspective of the final transmission, it should be beneficial to the global steel market.