Prices for rolled steel products rise in Russia

Since the beginning of 2024, prices of various types of rolled steel used in Russia's construction industry have continued an upward trend, the rating agency Rusmet reported.

However, this growth was met with supply constraints. Ilya Nechaev, deputy director for investor relations at Magnitogorsk Iron & Steel Works (MMK), noted that high demand for rolled steel faced the issue of limited availability of the products, mainly due to high production capacity use and planned/unplanned repairs, creating a risk of shortages.

Despite this, a representative of Russia's Ministry of Industry and Trade stated that the ministry does not currently see any issues with market saturation for rolled steel products and attributes the current price increase to seasonal factors. He added that the overall production capacity of Russian steel enterprises has not yet reached its maximum level.

Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.