It is reported that Russia's steel Association warned that the steel oversupply would extend for the next 3 years due to economic downturn and sluggish domestic demand for steel and it was expected to improve demand for long products in 2017.

Meanwhile, Russian GDP rose by 0.8% in the first quarter of this year and most of the growth comes from the contribution of the energy sector and the devaluation of the ruble.

Construction and home appliance manufacturing sector annual growth 2% is expected, steel industry, steel structures and hardware industry will increase of 1%, other steel sector could remain sluggish respectively.