Stainless steel in primary forms and stainless steel semi-finished products market in Russia

Earlier Report Observations

From 2018 to 2021, the Russian stainless steel market saw gradual growth in production, rising from 190.5 thousand tons to 220.9 thousand tons. During this period, the market remained heavily reliant on imports, which covered about 90% of consumption, though domestic producers demonstrated the capacity to meet demand when operating at full capacity. The modest increase in output was partly attributed to a recovery in global stainless steel production following stabilization in China.

A sharp acceleration occurred in 2022 and 2023, with production jumping to 281.1 thousand tons and then to 330.6 thousand tons. This surge was primarily driven by sanctions and import restrictions, which significantly curtailed inbound shipments and forced the market to substitute imported material with domestic output. Russian metallurgical enterprises continued to ramp up production despite the external constraints, focusing on meeting internal demand.

After peaking in 2023, production volumes contracted to 280.7 thousand tons in 2024 and further to 232.9 thousand tons in 2025, bringing the market size back to levels close to those seen in 2022.

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

In kind, 2018-2021, K t

Russia's production of stainless steel in primary forms and semi-finished products has grown for the third year in a row. In 2021, output reached 220.9 thousand tonnes, marking an 8.1% increase compared to the previous year. Looking at the period from 2018 to 2021, production rose by 16%, with an average annual growth rate of 5.1%.

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

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

Exports in kind, t

Russia's exports of stainless steel in primary forms and semi-finished products have fallen for the second consecutive year. In 2021, exports totaled 138 tonnes, showing a sharp decline of 51.0% from the year before. Over the 2018-2021 period, exports dropped by 43.7%, with an average annual decrease of 17.4%. The highest export volume was recorded in 2019 at 343 tonnes, which also saw the largest year-on-year increase of 39.4%.

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

From 2018 to 2021, Ukraine, Italy, and Belarus were the core destinations for Russia's stainless steel exports in volume terms. Ukraine accounted for 32.2% of exports, Italy for 30.2%, and Belarus for 12.8%, together making up 75.2% 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, K $ US

Russia's exports of stainless steel in primary forms and semi-finished products in value terms have declined for the third year running. In 2021, exports amounted to 379 thousand US dollars, reflecting a sharp decrease of 58.2% compared to the previous year. Between 2018 and 2021, exports fell by 69%, equating to an average annual decline of 32.3%.

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

Over the 2018-2021 period, Ukraine, India, and Belarus were the primary buyers of Russia's stainless steel in primary forms and semi-finished products by value. Ukraine represented 23.5% of exports, India 18.4%, and Belarus 12.8%, jointly accounting for 54.7% of total export value.

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

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

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

Imports in kind, t

In 2021, Russia's imports of stainless steel in primary forms and semi-finished products reached 3 240 tonnes, representing a 10.7% decrease from 2020. Over the 2018-2021 period, imports fell by 41.1%, with an average annual decline of 16.2%. The lowest import volume was recorded in 2019 at 2 591 tonnes, which also saw the largest year-on-year drop of 52.9%. In contrast, imports increased by 40.0% in 2020.

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

From 2018 to 2021, three key markets—the United Kingdom, Kazakhstan, and Belgium—together accounted for 85.0% of Russia's total imports of stainless steel in primary forms and semi-finished products by volume.

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, K $ US

Russia's imports of stainless steel in primary forms and semi-finished products in value terms have risen for the second consecutive year. In 2021, imports totaled 13 522 thousand US dollars, up 33.1% from the previous year. Over the 2018-2021 period, imports increased by 5.4%, with an average annual growth rate of 1.8%. The lowest import value was recorded in 2019 at 7 665 thousand US dollars, which also saw the largest year-on-year decline of 40.3%.

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

In the 2018-2021 period, the United Kingdom, Belgium, and Ukraine remained the main suppliers of stainless steel in primary forms and semi-finished products to Russia by value. The United Kingdom accounted for 53.9% of imports, Belgium for 12.8%, and Ukraine for 8.6%, together forming 75.3% of total import value.

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

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