Russian imports of stainless steel decreased in the first half of the year to 227,100 tonnes, down by 3.8% on-year, according to national special steel association USSA.

Imports of stainless cold-rolled flat products were down 0.7%, hot-rolled flats intake by 12.4%, seamless pipe by 18% and wire by 37.7%, Kallanish notes.

Long products intake was higher by 0.7%, welded pipe by 30.8% and primary billet imports by 85.5%, USSA says without providing tonnages.

The average customs value of stainless imports increased by 20% on-year to $2,507/tonne.

The leading suppliers of imported stainless products were China with a 73.3% share, India with 14.7%, Indonesia with 8.6%, Vietnam with 1.4% and Turkey with 0.7%.

Earlier, Russia was expected to import a record volume of stainless steel in 2024, according to USSA forecasts (see Kallanish passim).

The intake of stainless steel by Russia in 2023 amounted to 487,000t, up by 31% on-year and 5.1% more than the pre-sanction year 2021. 

According to USSA, regarding the forecast for import volumes in 2024, the pessimistic scenario assumes stainless intake will increase by 0.2% on-year to 487,700t.

“However, the optimistic scenario is based on a reduction in lending rates, an increase in domestic consumption and, as a consequence, an increase in import volumes. According to this estimate, the volume of Russian imports will increase by 7.3% on-year and amount to 522,300t,” the association says.

Despite this expectation, the Central Bank recently increased its key rate to 21%.

“Russian enterprises can support domestic demand in 2024, but their capabilities are limited both in volume and in the range of products produced,” USSA opines. 

Russian stainless steel production decreased in September to 20,200t, down by 15.8% compared to the previous month and 34.6% on-year, according to national statistical service Rosstat (see Kallanish passim). January-September output reached 214,300t, down 12.5% on-year.

Russia’s real consumption of stainless steel decreased in the first quarter to 115,300t, down by 2.8% on-year, according to USSA. It usually ranges from 400,000-500,000 t/y.