While steel consumption in the Russian Federation has been increasing recently due to government incentives, it is expected to decrease in 2024 due to the currency depreciation and disruptions in suppliers' operations.
About six months ago, steel demand was expected to decrease by 5% and 6.7%, according to analysts, while steel demand in Russia will increase by 1-2% in the coming periods.
Demand is expected to increase by 5% by the end of the year to a total of 43.8 million tons, with consumption expected to be stable in 2024.
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