Russian metallurgical product exports to Asia may further increase

“Europeans are now refusing to buy Russian steel products,” Russian Prime Minister Mikhail Vladimirovich Mishustin said at the Russian Manufacturing Forum in Moscow. “We have already increased our steel exports to the Asia-Pacific region and the CIS. Taking into account other factors, Russian metallurgical products and other goods exports to Asian countries may grow further.”

However, the Russian government’s previously released “Steel Strategy 2030” pointed out that the growth of steel production capacity in Asia and the Middle East will make it difficult for Russian steelmakers to shift their export direction from the West to the East.

The European Commission recently announced the eighth round of sanctions against Russia, expanding the scope of the ban on imports of Russian steel products.

The World Steel Association pointed out in its latest version of the steel demand forecast report that although Russia faces increasingly stringent EU sanctions, its steel demand is expected to shrink less than expected at the beginning of the Russian-Ukrainian conflict due to high oil prices and the government’s support for the construction industry.