Russian steelmakers may turn more to exports

The price gap between domestic and export steel markets in Russia is expected to narrow significantly in 2026. The premium for selling rolled steel on the local market could fall by roughly 27%, reaching about $120/t, as currency dynamics, weak demand from key industrial sectors, and persistently high interest rates continue to weigh on the market. With domestic profitability under pressure, steel producers may increasingly rely on foreign markets to keep production lines running, although export opportunities remain far from unlimited.