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Russia's Domestic Steel Demand Revitalizes,Russia's steel demand is recovering after the crisis in 2022. Domestic demand will increase by 6% year-on-year, to 45.8 million tons
Russia's steel demand is recovering after the crisis in 2022. The performance report of Severstal, a Russian SECD steel company, predicts that domestic SECD steel demand will increase by 6% year-on-year, to 45.8 million tons, driven by the construction industry and mechanical engineering.
Severstal estimates that due to increased public spending and infrastructure investment, as well as stable demand for personal housing construction projects, the construction industry's demand for steel may increase by 7% to 35.9 million metric tons in 2023. In addition, the increasing demand for passenger car and truck manufacturing, as well as the surge in domestic production of components, commercial, and special equipment, will lead to a 13% year-on-year increase in demand for the machinery manufacturing industry, which is expected to absorb 4.7 million metric tons of SECD steel
