21 Nov 2023 17:06

Demand growth for ferrous metal products in Russia in 2024 could total 2-3%, given growth of 15% since start-2023 - Yevtukhov

MOSCOW. Nov 21 (Interfax) - The growth of demand for metallurgy products in the domestic market will continue in 2024 and will amount to at least 2-3%, taking into account that it has already exceeded 15% this year, Deputy Head of the Russian Industry and Trade Ministry Viktor Yevtukhov said in an interview with Interfax.

"We see a significant increase in demand in the domestic market, more than 15% at the end of Q3 of this year. It is this high level of demand from domestic consumers that primarily allows us to keep the capacity utilization of steelmakers at over 90%," he said.

In 2024, additional growth in demand for metallurgical products will be provided, among other things, by intensification of transport machine building, the ministry is forecasting.

"Next year, we expect that additional demand for steel products in machine building will be added to the current year. And also in the sectors of the economy that have not yet fully realized their potential in the domestic market - the automotive industry, railcar building, production of household appliances. A certain level of demand is also coming from new constituent entities of the Russian Federation. I think that in 2024 we will add at least another 2-3% to the current, already considerable level of demand in the Russian market," Yevtukhov said.