According to the Russia-based SpetsStal Association, after the introduction of sanctions against Russia in 2022 due to the war in Ukraine, the country’s imports of stainless steel were divided into those from friendly and unfriendly countries. While most companies from unfriendly countries, primarily from Europe, completely stopped their exports to Russia, the rest significantly reduced their supplies and mainly used parallel import channels.

In 2023, supplies from friendly countries amounted to 97,1 percent of Russia total stainless imports and the import volume from these countries increased by 42.0 percent to 472,000 mt.

SpetStal Association has published two possible scenarios for Russia’s stainless steel import in 2024. According to the pessimistic one, the volume of Russian imports will increase by only 0.2 percent in 2024, mainly due to the reduction in consumption by small and medium-sized enterprises and an excess in inventories of metal trading companies based on the results of 2023. Meanwhile, the optimistic scenario expects a 7.2 percent increase in the country’s stainless imports based on a reduction in lending rates by the Central Bank of Russia and an increase in domestic consumption.

It is reported that the real change will be somewhere between these two scenarios. In any case, Russian imports of stainless steel in 2024 are expected to break a record for Russia.