Russian Federation: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in the Russian Federation

The Russian hot-rolled steel products market totaled $X in 2023, stabilizing at the previous year. Over the period under review, the total consumption indicated a slight increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Hot-Rolled Steel Products Production in the Russian Federation

In value terms, hot-rolled steel products production totaled $X in 2023 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from the Russian Federation

In 2023, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported from Russia surged to X tons, with an increase of X% on the previous year's figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel products exports surged to $X in 2023. Over the period under review, exports enjoyed noticeable growth. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for hot-rolled steel products exports from Russia, accounting for a X% share of total exports. Moreover, hot-rolled steel products exports to Turkey exceeded the volume sent to the second major destination, Azerbaijan (X tons), threefold. Egypt (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Turkey stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (X% per year) and Egypt (X% per year).

In value terms, Turkey ($X) remains the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Russia, comprising X% of total exports. The second position in the ranking was held by Egypt ($X), with an X% share of total exports. It was followed by Azerbaijan, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Turkey totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and Azerbaijan (X% per year).

Export Prices by Country

In 2023, the average hot-rolled steel products export price amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price posted a notable increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2022 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belarus (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into the Russian Federation

In 2023, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) imported into Russia surged to X tons, increasing by X% against the previous year. Over the period under review, imports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled steel products imports skyrocketed to $X in 2023. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Kazakhstan (X tons), China (X tons) and Turkey (X tons) were the main suppliers of hot-rolled steel products imports to Russia, with a combined X% share of total imports. Switzerland, Ukraine and Germany lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Switzerland (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products suppliers to Russia were China ($X), Kazakhstan ($X) and Turkey ($X), with a combined X% share of total imports. Switzerland, Ukraine and Germany lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Switzerland, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average hot-rolled steel products import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, import price indicated a tangible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hot-rolled steel products import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform