Russia: Weak currency could trigger steel exports amid sluggish domestic demand

The Russian ruble has fallen to a six-month low of RUB 79 equalling $1, continuing its downward spiral as rising coronavirus cases worldwide negatively impact oil prices. Oil constitutes over 50% of Russia’s exports. The weakening ruble could boost the country’s steel exports, especially when domestic demand remains muted. Russia’s steel exports touched 27.26 mn t in FY20, as per SteelMint data.