Russia's steel industry exhibits positive dynamics at start of 2024

The steel industry in Russia showed positive dynamics at the beginning of 2024, the rating agency Rusmet reported. According to a report by the World Steel Association (WSA), Russia's steel production in this January increased by 1.2% y-o-y to 6.2 million tonnes (mnt).

WSA statistics showed that ferrous steel companies in Russia had maintained a positive trend in monthly terms since May 2023. This period is accompanied by a steady increase in steel production volumes, which exceed 6 mnt per month.

Despite the positive trend in the first two months of 2024, it should be noted that at the end of 2023 there was a 5.6% decline in Russian steel production, which amounted to 76 mnt. This decline was due to a sharp drop in January and February 2023, which was driven by the high base of the pre-sanctions months of 2022.

However, steel companies in Russia managed to diversify their export markets last year, allowing them to increase shipments to Africa, South America, and the Middle East.

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