Domestic demand cuts Russian steel exports
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Sep 21, 2006
Steel consumption in the Russian Federation is growing strongly.
Steel consumption in the Russian Federation is growing strongly.
The country's mills are cutting their exports as higher prices are available in the home market.
Since it touched a low point of 14.6 million tonnes in 1998, Russian steel consumption has increased by an average of 10% annually.
But in the first half of this year that rate of growth more than doubled to 21%, according to preliminary estimates by the Ministry for Industry and Energy.
Annual consumption of finished steel has now increased to more than 35 million tonnes.
Gross domestic product rose by more than 6% in 2005 and this year's projection is for between 4 and 5%.
High global prices for fuels - Russia's largest industry by value - are promoting strong levels of investment in new installations for the production and transport of oil and gas.
Many other sectors of the Russian economy are also expanding, and increasing their use of steel.
In the first half of this year, the ministry highlights in particular car manufacture, shipbuilding, railways and construction.
Their rising demand resulted in a reported 23% jump in domestic deliveries of rolled steel products by Russian mills in the first six months of 2006.
The home market is now consuming more than 60% of steel production - up from 50% just two or three years ago.
Construction activity is particularly strong, and this means buyers have been willing to concede higher prices in order to secure reinforcing bars that would otherwise have been sold abroad.
Russian domestic prices for rebars are said to have risen to a level more than US $100 per tonne above export values.
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