An overview of the Russian steel production and consumption trend after 2023

An overview of the Russian steel production and consumption trend after 2023 Steel production in Russia increased by nearly 3 percent to 38 million tons in the first half of 2023, while the increase in total steel consumption in the Russian market was about 10 percent. Among the main drivers of growth are the construction industry, including the implementation of government programs to modernize the housing sector and facilities and infrastructure projects, as well as machine building and shipbuilding. There is currently no excessive and unreasonable pricing by Russian metallurgical companies. All spring price increases were in line with the market situation and additional costs that companies incurred at that time, including the increase in the cost of raw materials for the production of steel products, the component of transportation costs and the increase in the price of the main sources of energy supply.