Russian Federation: Iron And Steel Market 2024

Iron And Steel Market Size in the Russian Federation

The Russian iron and steel market skyrocketed to $X in 2023, jumping by X% against the previous year. Overall, consumption, however, saw a perceptible setback. Iron and steel consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Iron And Steel Production in the Russian Federation

In value terms, iron and steel production soared to $X in 2023 estimated in export price. Overall, production, however, showed a slight downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Iron And Steel Exports

Exports from the Russian Federation

In 2023, approx. X tons of iron and steel were exported from Russia; shrinking by X% on the previous year's figure. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports skyrocketed to $X in 2023. Overall, exports continue to indicate a pronounced contraction. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Turkey (X tons) and China (X tons) were the main destinations of iron and steel exports from Russia, with a combined X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for iron and steel exports from Russia, comprising X% of total exports. The second position in the ranking was taken by Turkey ($X), with a X% share of total exports. It was followed by China, with an X% share.

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

Export Prices by Country

In 2023, the average iron and steel export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price, however, saw a perceptible contraction. Over the period under review, the average export prices reached the maximum at $X per ton in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to China ($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 a decline.

Iron And Steel Imports

Imports into the Russian Federation

In 2023, the amount of iron and steel imported into Russia dropped dramatically to X tons, which is down by X% on 2022 figures. In general, imports, however, saw buoyant growth. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2023, imports remained at a lower figure.

In value terms, iron and steel imports declined significantly to $X in 2023. Over the period under review, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Ukraine (X tons) constituted the largest iron and steel supplier to Russia, accounting for a X% share of total imports. Moreover, iron and steel imports from Ukraine exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold.

From 2012 to 2023, the average annual rate of growth in terms of volume from Ukraine stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel to Russia, comprising X% of total imports. The second position in the ranking was taken by Ukraine ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (X% per year) and Germany (X% per year).

Import Prices by Country

In 2023, the average iron and steel import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, import price reached the peak level of $X per ton, and then shrank significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform