MOSCOW, November 12. /TASS/. Metal consumption in Russia dropped by 2.7% annually in January - September 2024 and fell by 9.2% to 10.8 mln metric tons in the third quarter of this year, Russian mining and metals company Severstal says.

"The apparent demand drop fell on the second half of the year in view of high inventories accumulated by consumers and processors of rolled metal in the first half of this year and absence of sufficient final demand. The main constraining factor for the demand is the high level of the key rate during a long period and financing limitation as a consequence," the company said. Postponement of projects, largely in infrastructural and nonresidential construction segment, also had the adverse effect.

Metal consumption in Russia as of 2024 year-end is estimated at 43.7 mln metric tons, down 5.7% against the figure in 2023, the company added.