Russian steel market faces great depression due to war
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Update time : 2022-05-17 21:14:50
The Russian domestic steel price is decreasing very fast. The main reason is that the Ukraine war has diminished domestic demand. In addition, the Western sanctions also stopped Russian steel exports, which increased the domestic supply and caused the steel price to fall.
According to Severstal, a main Russian steel mill, it exported 3 million tons of steel to Europe in 2021, accounting for 57% of its total exporting amount. However, the European sales amount has fallen greatly right now.
Severstal is looking for more sales from the Asia market or the Turkey market. However, it's difficult to find a replacement in a short time.
