November 11, 2019 / 1:32 PM / 24 days ago

Russia's NLMK sees domestic demand growth at 3-5% in 2019

FILE PHOTO: An employee looks at stacks of rebar at a warehouse of the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian steel producer NLMK expects steel demand growth in Russia in 2019 to stand at 3-5% due to support from the domestic construction sector, Commercial Director Sergey Horn said on Monday.

NLMK expects domestic demand growth to slow to 2-3% next year and to stabilize at an annual 2% for the subsequent few years.

The introduction of escrow accounts in the Russian construction industry in July compelled builders to buy more metal in the first half of this year, Horn said.

“We expected demand to slow in a sharper way from July or August,” Horn said. “(But) we didn’t see this happen... The indicators are very good, we are seeing demand growth across all product categories.”

Reporting by Anastasia Lyrchikova; Writing by Polina Ivanova; Editing by Tom Balmforth

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