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MMK expects steel demand growth in Russia by 3-5% in 2023

Demand for steel in Russia in 2023 could grow by 3-5% compared to last year, according to one of the largest Russian producers MMK.

MMK expects steel demand growth in Russia by 3-5% in 2023

“In general, in 2023, we expect demand in Russia to increase by 3-5%, construction will be a significant driver,” said Ilya Nechaev, MMK’s investor relations manager.

In the first half of the year growth in demand for steel products amounted to 10-12%, primarily due to the construction sector, where consumption increased by 14-16%. These are more optimistic estimates than that of another manufacturer - Severstal, which estimated demand growth in the first half of the year by 8%.

MMK, which has a 16% to 17% share in Russia, sees no problem with increased competition in the domestic market after external sanctions, as export-oriented companies have filled the niche of outgoing imports.

The company increased sales of steel products in the first half of the year by 11.1% yoy to 5.826 million tons due to favorable market conditions in Russia and neighboring countries. 


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