Business news from Ukraine

Lithuania, Czech Republic, Latvia and Estonia propose to Brussels to ban imports of ferrous metal scrap, copper and aluminum from Russia

Four EU countries – Lithuania, the Czech Republic, Latvia and Estonia – propose to Brussels to ban the import of waste and scrap ferrous metals, copper and aluminum from Russia.

Such a proposal was presented at a meeting of the European Union Environment Council held on March 25, the Lithuanian Environment Ministry said.

“Lithuania proposes that the European Commission assess all possibilities at EU level and make a proposal to suspend waste imports from Russia to the EU or allow Member States to adopt unilateral restrictive measures. We believe that such imports contribute to financing Russia’s war against Ukraine and should be stopped,” Lithuania’s deputy permanent representative to the EU, Ambassador Jurga Kasputene, said at the council meeting.

According to the Environment Ministry, more than 118 million euros worth of waste and scrap ferrous metals, copper and aluminum were imported from Russia to the EU in 2022-2023. Most of these imports go through Lithuania.

According to the ministry, cross-border transportation of waste is regulated by the Basel Convention and the Waste Transportation Regulation, so individual member states cannot unilaterally ban or restrict such imports.

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Ukraine imported copper worth $29 mln and exported $10 mln in January-February

In January-February this year, Ukrainian companies increased imports of copper and copper products by 66.8% in value terms compared to the same period last year, to $29.125 million.

According to customs statistics released by the State Customs Service of Ukraine on Wednesday, exports of copper and copper products decreased by 23% to $10.896 million over the period under review.

In February, the country imported copper worth $12.292 million and exported it for $5.617 million.

As reported, in 2023, Ukraine increased imports of copper and copper products by 2.2 times compared to 2022 – up to $140.795 million, while exports decreased by 20.1% to $72.078 million.

In 2022, Ukrainian companies reduced imports of copper and copper products by 64.3% year-on-year to $65.370 million, while exports decreased by 56.3% to $90.245 million.

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Ukraine increased copper imports by 2.6 times, exports by 56%

In January this year, Ukrainian companies increased imports of copper and copper products in value terms by 2.6 times compared to the same period last year, to $16.833 million from $6.368 million.

According to customs statistics released by the State Customs Service of Ukraine on Friday, exports of copper and copper products decreased by 17.6% to $5.279 million from $6.407 million over the period.

In addition, in January 2024, Ukraine increased imports of nickel and nickel products by 11.5 times compared to January 2023 – to $3.573 million from $312 thousand, aluminum and aluminum products – by 26.3%, to $33.501 million.

At the same time, it increased imports of lead and lead products by 4.2 times to $135 thousand, imports of tin and tin products by 51.2% to $260 thousand, and increased imports of zinc and zinc products by 82.9% to $4.094 million.

Exports of aluminum and aluminum products in the first month of 2024 increased by 18% compared to January 2023 to $7.999 million, lead and lead products decreased by 46.5% to $873 thousand, nickel and nickel products amounted to $3 thousand, at the level of January 2023.

Zinc exports last month amounted to $8 thousand, while in January 2023 they were absent. Exports of tin and tin products were absent in January 2024, while in January 2023 they amounted to $17 thousand.

In December 2023, copper was imported for $20.856 million, and exported for $6.906 million. Last December, Ukraine imported $1.025 million worth of nickel and products, $31.951 million worth of aluminum, as well as $70 thousand worth of lead and products, $310 thousand worth of tin, and $3.665 million worth of zinc.

At the same time, in December 2023, Ukraine exported $8.433 million worth of aluminum, $704 thousand worth of lead and lead products, $24 thousand worth of nickel and nickel products, $13 thousand worth of zinc, and $79 thousand worth of tin.

As reported, in 2023, Ukraine increased imports of copper and copper products by 2.2 times compared to 2022 – up to $140.795 million, while exports decreased by 20.1% to $72.078 million.

In addition, in 2023, Ukraine reduced imports of nickel and products by 74.2% compared to 2022, to $15.391 million, and increased imports of aluminum and aluminum products by 7.7%, to $366.463 million.

At the same time, it reduced imports of lead and lead products by 65.2% to $989 thousand, imports of tin and tin products by 23% to $2.728 million, but increased imports of zinc and zinc products by 18.8% to $45.966 million.

Exports of aluminum and aluminum products last year increased by 0.7% compared to 2022 to $97.616 million, lead and lead products increased by 23.5% to $14.778 million, and nickel and nickel products amounted to $532 thousand, while in 2022 it was $1.268 million.

In 2023, the company exported $130 thousand worth of zinc, compared to $1.331 million in 2022. Exports of tin and tin products amounted to $159 thousand against $424 thousand in 2022.

As reported, in 2022, Ukrainian enterprises reduced imports of copper and copper products in value terms by 64.3% compared to the previous year to $65.370 million, while their exports decreased by 56.3% to $90.245 million.

In addition, in 2022, Ukraine reduced imports of nickel and nickel products by 49.9% compared to 2021, to $59.754 million, and aluminum and aluminum products by 33.4%, to $340.398 million. At the same time, it reduced imports of lead and lead products by 66.6%, to $2.839 million.

Imports of tin and tin products fell by 33.5% to $3.312 million, and imports of zinc and zinc products decreased by 58.7% to $38.690 million.

In 2022, exports of aluminum and aluminum products decreased by 42.7% compared to 2021, to $96.972 million, lead and lead products – by 68.7%, to $11.970 million, and nickel and nickel products – by 73.9%, to $1.268 million.

Zinc exports in 2022 amounted to $1.331 million, while in 2021 they amounted to $550 thousand. Exports of tin and products in 2022 amounted to $424 thousand, compared to $346 thousand in the previous year.

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Ukraine more than doubled copper imports, reduced exports by 20%

In 2023, Ukrainian companies increased imports of copper and copper products by 2.2 times in value compared to 2022, to $140.795 million.

According to customs statistics released by the State Customs Service of Ukraine, exports of copper and copper products decreased by 20.1% to $72.078 million during this period.

In December, the company imported copper worth $20.856 million and exported $6.906 million.

In addition, in 2023, Ukraine reduced imports of nickel and products by 74.2% compared to 2022, to $15.391 million ($1.025 million in December), and increased imports of aluminum and aluminum products by 7.7%, to $366.463 million ($31.951 million).

At the same time, it reduced imports of lead and lead products by 65.2% to $989 thousand ($70 thousand), imports of tin and tin products by 23% to $2.728 million ($310 thousand), but increased imports of zinc and zinc products by 18.8% to $45.966 million ($3.665 million).

Exports of aluminum and aluminum products last year increased by 0.7% compared to 2022 to $97.616 million ($8.433 million in December), lead and lead products increased by 23.5% to $14.778 million ($704 thousand), nickel and nickel products amounted to $532 thousand ($24 thousand), while in 2022 it was $1.268 million.

Zinc was exported abroad in 2023 for $130 thousand ($13 thousand in December) against $1.331 million in 2022. Exports of tin and tin products amounted to $159 thousand (up $79 thousand in December) against $424 thousand in 2022.

As reported, in 2022, Ukrainian enterprises reduced imports of copper and copper products in value terms by 64.3% compared to the previous year to $65.370 million, while their exports decreased by 56.3% to $90.245 million.

In addition, in 2022, Ukraine reduced imports of nickel and nickel products by 49.9% compared to 2021, to $59.754 million, and aluminum and aluminum products by 33.4%, to $340.398 million. At the same time, it reduced imports of lead and lead products by 66.6%, to $2.839 million.

Imports of tin and tin products fell by 33.5% to $3.312 million, and imports of zinc and zinc products decreased by 58.7% to $38.690 million.

In 2022, exports of aluminum and aluminum products decreased by 42.7% compared to 2021, to $96.972 million, lead and lead products – by 68.7%, to $11.970 million, and nickel and nickel products – by 73.9%, to $1.268 million.

Zinc exports in 2022 amounted to $1.331 million, while in 2021 they amounted to $550 thousand. Exports of tin and products in 2022 amounted to $424 thousand, compared to $346 thousand in the previous year.

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Copper rose most among non-ferrous metals in 2023

Copper is ending 2023 with the most significant price increase among non-ferrous metals due to supply disruptions, the Financial Times reports.

Copper rose by 2.5% to $8.6 thousand per tonne this year. This is due to signs of improvement in China’s economy amid production problems in Latin America.

The closure of a copper mine in Panama and the forecast of a significant reduction in Anglo American’s production will lead to a decrease in global supplies by 750 thousand tons, or 3% of the global figure, in 2024, according to Bank of Montreal analysts. The world’s largest mining companies, Vale and Rio Tinto, also recently published production forecasts that did not meet the expectations of some analysts.

Earlier, traders assumed that due to increased supplies from copper mines in the Democratic Republic of Congo, Peru and Chile, supply would exceed demand next year, but now a balanced market is expected.

“Only two months ago, expectations for the copper market in 2024 were downright pessimistic,” said Colin Hamilton, Managing Director of Commodities Research at BMO. – “But now the expectations of a bad year for copper have disappeared.

“The Chinese economy is doing well, although everyone seems to be talking about it as if it is in a recession,” said Daniel Smith, a spokesman for London-based metals broker AMT.

Goldman Sachs predicts that in the next twelve months the copper price will reach $10 thousand per tonne amid an expected decline in supplies.

Overall, this year has been a challenging one for the base metals market, particularly due to one of the most aggressive interest rate hikes by the US Federal Reserve. Higher rates pushed up the US dollar (the dollar index has gained more than 3% since the beginning of the year), making commodities more expensive for importers. The higher cost of borrowing also led to a reduction in capital-intensive investments and higher financing costs for metal stockpiles, prompting producers to reduce inventories.

These bearish factors put downward pressure on aluminum, lead and zinc, making non-ferrous metals the worst performing commodity sector for the second year in a row, the article notes. The price of nickel fell by 45% to $16.75 thousand per tonne due to a sharp increase in supplies from Indonesia.

Of the six major industrial metals, except copper, only tin has risen in price this year due to the suspension of mining in Myanmar, the world’s third largest producer.

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Ukraine doubled copper imports, reduced exports by 22%

In January-November this year, Ukrainian companies doubled their imports of copper and copper products in value terms compared to the same period last year, to $119.939 million.

According to customs statistics released by the State Customs Service of Ukraine, exports of copper and copper products decreased by 21.8% to $65.172 million over the period.

In November, the country imported copper worth $15.907 million and exported it worth $3.802 million.

In addition, in 11 months of 2023, Ukraine reduced imports of nickel and products by 75.7% compared to the same period in 2022 to $14.366 million ($1.928 million in November), while aluminum and aluminum products increased by 7.6% to $334.511 million ($26.885 million).

At the same time, it reduced imports of lead and lead products by 67.5% to $919 thousand ($28 thousand), imports of tin and tin products by 23% to $2.419 million ($135 thousand), but increased imports of zinc and zinc products by 23.3% to $42.302 million ($4.776 million).

In January-November this year, exports of aluminum and aluminum products decreased by 1.7% compared to the same period last year to $89.183 million ($7.176 million in November), exports of lead and lead products increased by 33.1% to $14.074 million ($1.267 million), and exports of nickel and nickel products amounted to $508 thousand ($251 thousand), while in 11 months of 2022 it was $1.168 million.

Zinc was exported for $117 thousand over 11 months (in November – $19 thousand) against $1.321 million in January-November 2022. Exports of tin and tin products amounted to $79 thousand (up $22 thousand in November) against $423 thousand in 11 months of 2012.

As reported, in 2022, Ukrainian enterprises reduced imports of copper and copper products in value terms by 64.3% compared to the previous year – to $65.370 million, while their exports decreased by 56.3% to $90.245 million.

In addition, in 2022, Ukraine reduced imports of nickel and nickel products by 49.9% compared to 2021, to $59.754 million, and aluminum and aluminum products by 33.4%, to $340.398 million. At the same time, it reduced imports of lead and lead products by 66.6%, to $2.839 million.

Imports of tin and tin products fell by 33.5% to $3.312 million, and imports of zinc and zinc products decreased by 58.7% to $38.690 million.

In 2022, exports of aluminum and aluminum products decreased by 42.7% compared to 2021, to $96.972 million, lead and lead products – by 68.7%, to $11.970 million, and nickel and nickel products – by 73.9%, to $1.268 million.

Zinc exports in 2022 amounted to $1.331 million, while in 2021 they amounted to $550 thousand. Exports of tin and products in 2022 amounted to $424 thousand, compared to $346 thousand in the previous year.

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