Russian steel industry is growing amid global downturn in the sector. He writes about this Bloomberg.
Demand for steel in Russia has increased due to a special military operation that has stimulated housing construction and infrastructure projects. According to BCS analysts, steel prices in Russia have increased by 5-20% this year, while demand has increased by almost 6% in the first half of the year. This contrasts with the situation in the global market, which ArcelorMittal SA describes as “unsustainable” due to prices below marginal costs in Europe and the US.
Russian steel companies Severstal and MMK increased their profits, while ArcelorMittal reported a decline. Severstal
“The Russian steel market is no longer so closely connected with the global market, so its response to the situation in the foreign market is weak,” a Severstal representative said.
Russia’s isolation has turned out to be an advantage for its steel industry, which is largely cut off from Western markets. While domestic prices have risen, the global benchmark for rebar used in construction has fallen to its lowest levels in years.
Before this it was known as China. entered Tight export restrictions on the supply of gallium and germanium have nearly doubled the prices of these strategic metals in Western markets. These measures could seriously affect the production of microchips and optical devices outside of China.
Previously in China in the name The US must stop pressuring the country’s economy.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.