ΔE 26.6, loose: different enough that you should pick on purpose. Pearl Light Red is a little darker, much more saturated than Runefang Steel. They are different kinds of paint: Citadel Runefang Steel is a metallic and Tamiya Pearl Light Red is a pearl paint, so they won’t behave the same on the model even where the colour is close.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 27). Pearl Light Red is a little darker, much more saturated than Runefang Steel. They are different kinds of paint.
The same difference applies the other way round: Runefang Steel is a little lighter, much more muted.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Runefang Steel on the colour wheel See Pearl Light Red on the colour wheel
All matches: Runefang Steel equivalents · Pearl Light Red equivalents