Russia's National Special Steel Association (USSA) stated that Russia imported around 258,000 tons of stainless steel from January to July, a year-on-year decrease of 7.7%. Import volume in July also dropped by 14% from the previous month and 28.8% from the same period last year.

USSA said the Russian stainless steel market remains balanced despite lower domestic and foreign product supplies.

USSA previously predicted that Russia’s stainless steel imports would hit a record high in 2024, based on lower loan rates and rising domestic consumption. However, the fact was that the Russian Central Bank recently raised the benchmark interest rate to 21%.

The growth of accounts receivable and high loan interest rates have greatly restricted suppliers’ ability to replenish inventory, coupled with the continued shrinking of market demand, steel traders will not hold too much inventory.