November 11, 2019 / 1:27 PM / a month ago

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

MOSCOW, Nov 11 (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 stabilise 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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