Interestingly, the cyclicity in petrochemistry and metallurgy seems to coincide.

This indicates that demand is linked to GDP and investment cycles in the economy/construction. We are "at the bottom" now. The question is, when will there be growth? The recession cycle is already dragging on too long. The Russian government is teetering on the brink of recession, and this is impossible for a long time.

1. It requires money, a lot of money.

2. To find the money, the government can either raise taxes or simply print the money.

3. Printing money causes inflation, which the Central Bank is actively fighting with a high key rate.

4. The high rate hits businesses that earn less, which means they can pay less taxes.

5. SVR is a priority of government policy, so they will raise taxes and print money for it. Both will reduce real incomes.