Steel consumption in Russia increased

According to the results of the first half of 2023, steel consumption in Russia reached 23.19 million tons (+8% yoy). 

Steel consumption in the engineering industry rose to 2.36 million tons (+5% yoy). Chinese manufacturers continue to face competition, particularly in the mining equipment industry.

In the energy segment, there is a decline of 6% compared to the previous year. This decline is due to a temporary decrease in the demand for large diameter pipes, as projects that began in 2021-2022 are being completed. 

There is a positive trend in the construction sector. The volume of steel consumption in the first half of this year increased to 18.18 million tons (+11% yoy).