In the first quarter of 2024, Russian steel companies tripled their exports of semi-finished steel products to China compared to the same period last year. A total of 424,600 tonnes of semi-finished steel products were exported, which led to an increase in revenue to $194 million.
The main commodity product in shipments to China is slab, which is used in the production of flat steel products.
In 2023, semi-finished steel shipments to China almost half fell to 921,000 tonnes, while cash turnover more than tripled to $431 million. After the start of the conflict in Ukraine, Asia has become one of the main markets for major slab producers in Russia, such as Severstal, Evraz and NLMK.
Experts note that the Chinese market is less profitable for Russian steelmakers due to long delivery distances and low prices in China. Nevertheless, competition in the slab market remains strong and Russian companies have to fight for their share in this segment.
Comments
No comment yet.