Russian Steel Use Drops 15% in First Quarter as Economy Slows

Russian steel consumption fell 15% in the first quarter compared to the same period last year, reflecting broader economic stagnation and weak industrial demand. The decline signals reduced activity in construction and manufacturing, key drivers of domestic steel use, which is pressuring margins for Russian steel producers and lowering tax receipts for the government. This weakening industrial base could further dampen foreign direct investment and exacerbate capital outflows, affecting the rouble and local equities. The drop in demand also reduces exportable surplus, potentially tightening supply in global steel markets already facing constraints. Traders will watch April industrial production and retail sales data for confirmation of a deeper slowdown.

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