Alloy steel in primary forms and alloy steel semi-finished products market in Russia

Earlier Report Observations

From 2018 to 2021, the Russian alloy steel market was significantly influenced by large state-owned metallurgical companies. Market volume grew from 13.8 million t in 2018 to 14.7 million t in 2019. It then dropped to 14.4 million t in 2020 due to the COVID-19 pandemic, which suspended production and reduced demand across the metallurgical sector. A slight recovery followed in 2021, with the market reaching 14.5 million t.

In 2022, despite sanctions pressure and the conflict in Ukraine, alloy steel production increased, driving market volume to 16.0 million t. This growth was partly supported by the European Union's extension of the grace period for importing steel semi-finished products from Russia until 2028, which facilitated export market access. However, ongoing sanctions restrictions contributed to a market decline to 15.2 million t in 2023.

The market showed a modest recovery to 15.5 million t in 2024. Production data for 2025 indicate a sharp contraction to 13.3 million t, reflecting the continuing influence of structural challenges and restrictions on the industry.

Production alloy steel in primary forms and alloy steel semi-finished products in Russia

In kind, 2018-2021, K t

In 2021, Russia produced 15,427 thousand tonnes of alloy steel in primary forms and alloy steel semi-finished products, marking a 4.1% increase compared to the previous year. Over the period from 2018 to 2021, production grew by 5.9%, with a compound annual growth rate of 1.9%. The largest increase occurred in 2019 at 4.8%, while the most significant decline was recorded in 2020 at 2.9%.

Annual dynamics of production in Russia in kind, 2018-2021, K t

Exports alloy steel in primary forms and alloy steel semi-finished products from Russia

Exports in kind, K t

The market displayed an unstable trend throughout the observed period. Exports reached their lowest point in 2020 at 421.8 thousand tonnes, with a decline of 27.4% that year. In 2021, exports from Russia of alloy steel in primary forms and alloy steel semi-finished products surged to 879.1 thousand tonnes, representing a 108.4% increase over the previous year and marking the peak for the period. The amplitude between the peak in 2021 and the trough in 2020 was 2.1 times.

Annual dynamics of product's exports from Russia in kind, 2018-2021, K t

From 2018 to 2021, Belgium, Turkey, and Mexico led the structure of exports in kind, accounting for 39.0%, 15.1%, and 11.7% of exports, respectively. Together, these three countries represented 65.8% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Russia in kind, 2018-2021

Exports in value, M $ US

The market exhibited an unstable trend throughout the timeframe. Exports bottomed in 2020 at 190.0 million US dollars, with a decline of 35.9% that year. In 2021, Russia exported 604.2 million US dollars of alloy steel in primary forms and alloy steel semi-finished products, showing a steep increase of 218.1% compared to the previous year and reaching the peak for the period. The difference between the peak in 2021 and the trough in 2020 was a factor of 3.2.

Annual dynamics of product's exports from Russia in value, 2018-2021, M $ US

Throughout 2018 to 2021, Belgium, Turkey, and Mexico formed the key group of partners for exports in value terms, with shares of 40.6%, 13.7%, and 11.8% of exports, respectively. Collectively, these three countries accounted for 66.1% of total export flows of alloy steel in primary forms and alloy steel semi-finished products from Russia.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Russia in value, 2018-2021

Imports alloy steel in primary forms and alloy steel semi-finished products to Russia

Imports in kind, K t

Volatility characterized the market behavior during these years. Imports reached their lowest point in 2018, while the peak occurred in 2020 at 2.4 thousand tonnes, with an increase of 126.5% that year. In 2021, Russia imported 1.8 thousand tonnes of alloy steel in primary forms and alloy steel semi-finished products, which is 23.7% less year-over-year. The variation between the peak in 2020 and the trough in 2018 was 3.3 times.

Annual dynamics of product's imports to Russia in kind, 2018-2021, K t

Over the period from 2018 to 2021, imports in kind of alloy steel in primary forms and alloy steel semi-finished products to Russia were largely concentrated on Ukraine, which accounted for 71.6% of total flows. Other countries together formed the residual share.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Russia in kind, 2018-2021

Imports in value, M $ US

The market showed signs of volatility over the observed period. The lowest value was recorded in 2018, while the highest occurred in 2020 at 9.2 million US dollars, with an increase of 167.6% in 2019. In 2021, imported volumes of alloy steel in primary forms and alloy steel semi-finished products to Russia totalled 4.1 million US dollars, reflecting a sharp reduction of 55.4% year-over-year. The peak-to-trough ratio between 2020 and 2018 was 6.3 times.

Annual dynamics of product's imports to Russia in value, 2018-2021, M $ US

From 2018 to 2021, Ukraine, Italy, and the United States were the main destinations in the geographical breakdown of imports in value terms, with shares of 52.8%, 22.5%, and 7.3% of imports, respectively. Together, these three countries accounted for 82.6% of total import flows of alloy steel in primary forms and alloy steel semi-finished products to Russia.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Russia in value, 2018-2021