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The state will not support the export of metals from Russia - Ministry of Industry and Trade of the Russian Federation

Russia

This year, according to the forecast of the Russian Ministry of Industry and Trade, steel production in the Russian Federation will decrease by 6–8%, while the ministry does not expect a serious drop in exports this year and expects steel exports to remain at the level of 2022 next year. metallurgical companies will reorient supplies from "unfriendly countries" to the domestic market.

The state will not support the export of metals from Russia - Ministry of Industry and Trade of the Russian Federation

The export of metallurgical products does not require state support. Viktor Yevtukhov, Deputy Head of the Ministry of Industry and Trade, told Interfax about this.

"Special measures are not required, metallurgists have adapted well, diversification has taken place both in the domestic market and in export directions," he said.

According to Yevtukhov, the strategy for the development of the metallurgical industry until 2030 has already been submitted to the government and is being approved.

Analysts at BCS Global Markets (BCS GM) believe that almost all exports of steel and iron ore are unprofitable Russian metallurgical companies. Only NLMK shows a positive integrated export margin due to continued supplies of steel semi-finished products to the European market.

In addition to sanctions, according to analysts, the profitability of exports of steel and raw materials is negatively affected by the strengthening of the ruble and rising transport costs.

According to Rosstat, industrial production in Russia in October 2022 decreased by 2.6% compared to October last year.

The decline in production in the most capacious industries (metallurgy, chemical and timber industries) was due to a drop in exports and the closure of Western markets.

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