Russian steelmakers produce at the bottom of the cost curve, averaging about $500 per ton.

Russian steelmaker Evraz said its information systems had been hit by a cyber attack but its output was not affected.

Evraz, co-owned by Chelsea football club owner Roman Abramovich, is the latest Russian steelmaker to report booming results this year.

EVRAZ Russian steelmaker Evraz EVRE.L said its information systems had been hit by a cyber attack but its output was not affected.

But he said he had recently turned down a deal for a big Russian steelmaker paying a spread of 300 basis points.

Russian steelmakers with sizeable exports to the United States would be protected from the impact of tariffs by their U.S. assets, analysts said.

The agreement has sheltered Russian steelmakers from steep anti-dumping duties on hot-rolled coil (HRC), instead setting a cap on imports and a minimum price.

Chinese issuance comprised 67 percent of the total in January but the biggest offering was from Russian steelmaker Rusal 0486.HK which raised $2.2 billion.