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Rolled steel prices in Russia continue to rise since the start of 2024

In January-March this year, prices of various rolled steel products in Russia increased by 1.6-2.5%.

Rolled steel prices  in Russia continue to rise since the start of 2024

In 2023, steel prices increased significantly, with cold-rolled steel prices rising by 40%, galvanised steel prices by 41% and polymer prices by 44%. At the beginning of 2024, prices continued to rise by 3-5 %. According to Russia's Ministry of Industry and Trade, in the first months of this year, the price of producers' galvanised and polymer-coated rolled metal products remained unchanged, while the increase in cold-rolled steel was less than 1%. The ministry noted that the observed change in prices on the market is explained by seasonal fluctuations and does not require additional regulatory measures by the state.

Demand for coated rolled metal products is constantly growing, especially in the construction industry. However, the increase in prices for rolled steel and production raw materials reduces the profitability of producers, which can affect demand from end consumers. Since autumn 2023, cold-rolled steel prices on the spot market have been rising on a monthly basis, which could trigger further action from buyers in the spring.

The main flat product producers in Russia are NLMK, Severstal and MMK. MMK reduced sales of premium products due to equipment revision at the end of 2023, while Severstal attributed the sales decline to the accumulation of semi-finished products in advance of the overhaul of one of its blast furnaces.


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SteelRadar Insight - Sayı 1 (Haziran 2024)

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