Pig iron and spiegeleisen market in Russia

Earlier Report Observations

The Russian pig iron market expanded from 46.5 million tonnes in 2018 to nearly 49.8 million tonnes in 2021, driven by post-crisis recovery in production and a strategic shift toward domestic supply. Major state-owned metallurgical companies increased their output, while exporters redirected more volumes to the local market, boosting available tonnage. This reorientation was reinforced by government policy emphasizing internal consumption, which supported demand even during the 2020 economic downturn.

Market volume dipped to 48.0 million tonnes in 2022 as sanctions and geopolitical disruptions affected production and trade flows, despite growing domestic demand from infrastructure projects and Gazprom's pipeline construction. A strong rebound followed in 2023, with volume reaching 50.6 million tonnes, fueled by a 5.8% rise in pig iron production and increased orders from shipbuilding, railway engineering, and other infrastructure sectors. The market then contracted again in 2024 to 48.8 million tonnes, mirroring a decline in overall output.

Production pig iron and spiegeleisen in Russia

In kind, 2018-2021, K t

Russia's pig iron and spiegeleisen production has grown for the second year in a row. In 2021, the country produced 53 785 thousand tons, marking a 3.4% increase from the previous year. Looking at the period from 2018 to 2021, production rose by 3.8%, which translates to an average annual growth rate of 1.3%. The lowest production level was recorded in 2019 at 51 184 thousand tons, with the largest decline that year at 1.2%.

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

Exports pig iron and spiegeleisen from Russia

Exports in kind, K t

Russia's exports of pig iron and spiegeleisen have fallen for the third consecutive year. In 2021, exports totaled 3 933 thousand tons, showing a modest 6.0% decrease compared to the previous year. Over the 2018-2021 period, exports dropped by 31.9%, with a compound annual growth rate of -12.0%.

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

From 2018 to 2021, the United States, Turkey, and Italy were the primary markets for Russia's pig iron and spiegeleisen exports in volume terms. The United States accounted for 44.9% of exports, Turkey for 16.5%, and Italy for 12.7%. Together, these three countries made up 74.1% 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

After two years of decline, Russia's pig iron and spiegeleisen exports in value terms rebounded in 2021. The country exported 1 993 million US dollars worth of these products, a sharp increase of 52.5% from the previous year. However, over the 2018-2021 period, exports in value terms decreased by 7.5%, with an average annual decline of 2.6%. The lowest value was recorded in 2020 at 1 307 million US dollars, following the largest drop in 2019 of 33.1%.

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

In value terms from 2018 to 2021, the leading destinations for Russia's pig iron and spiegeleisen exports were the United States, Turkey, and Italy. The United States represented 46.2% of export value, Turkey 15.7%, and Italy 12.7%. Combined, these three markets accounted for 74.6% of total export flows.

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

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

Imports pig iron and spiegeleisen to Russia

Imports in kind, K t

Russia's imports of pig iron and spiegeleisen have declined for the third year in a row. In 2021, imports amounted to just 2 thousand tons, reflecting a significant drop of 82.6% compared to 2020. Over the 2018-2021 period, imports plummeted by 99.7%, with a compound annual decline of 85.8%.

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

Between 2018 and 2021, Russia's imports of pig iron and spiegeleisen in volume terms were heavily dependent on Ukraine, which supplied 99.8% of the total.

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

Russia's imports of pig iron and spiegeleisen in value terms have decreased for the third consecutive year. In 2021, import value stood at 1 million US dollars, marking a sharp contraction of 74.9% from 2020. Over the 2018-2021 period, imports in value terms fell by 99.6%, with an average annual decline of 83.6%.

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

From 2018 to 2021, Ukraine was the dominant source for Russia's pig iron and spiegeleisen imports in value terms, consistently accounting for 99.1% of total imports.

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

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