Russian Steel Assoc forecasts domestic metal consumption to drop 6% in 2024

MOSCOW. Oct 24 (Interfax) - Russian Steel Association, which represents the interests of Russia's largest metals companies, forecasts a drop of 6% in domestic steel consumption in 2024.

"Domestic metal consumption continued to decline in the third quarter this year, and it could be down 6% year-on-year by the end of the year according to Russian Steel Association," the association said.

World Steel Association in its updated October outlook projects that demand for steel in Russia could contract 1% year-on-year to 44.2 million tonnes this year.

Severstal past spring forecast Russia's steel consumption to rise 1%-2% to 47.3 million tonnes of metal in 2024.