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According to data from the Russian SA387 Grade 12 steel Steel Industry Association, metal consumption in Russia decreased by 6% in 2024. This decline mainly occurred in the construction and fuel energy industries, while the automotive industry showed some recovery growth. It is expected that metal consumption will further decline by 2025.
In 2024, Russia's metal consumption will decrease to 44 million tons, returning to the level of 2021. The downward trend accelerated in the second half of the year, with a year-on-year decrease of 14.4% in the fourth quarter. The consumption decline in the fuel energy industry is the most significant, with a decrease of 10.2%; The SA387 Grade 12 steel supply in the construction industry has decreased by 6%. The metal consumption in the automotive industry increased by 6.7%, but the association stated that this growth is more seen as a recovery after the collapse in 2022 rather than actual growth. Previously, Severstal also predicted that Russia's metal consumption would decrease by 5.7% to 43.7 million tons.
The Russian Steel Association predicts that by 2025, metal consumption will further decrease by 5% due to pressure from high interest rates, a decline in construction and mechanical engineering, and delays in the implementation of infrastructure projects in the SA387 Grade 12 steel energy industry.
