Turkey’s crude steel production rose by 12.4pct YoY to 30.9 mln tons in the first ten months of 2024, according to the Turkish Steel Producers’ Association (TCUD). In October 2024, production grew slightly by 0.7pct YoY to 3 mln tons.
Turkey’s finished steel consumption dropped 1.8pct YoY to 31.4 mln tons from January to October, though it increased by 19pct in October to 3.4 mln tons.
Turkish steel exports surged nearly 31 pct YoY in the first ten months of 2024, reaching 11.2 mln tons. Export value rose 18.7pct to USD 8.2 bln. In October, exports decreased by 8.5pct YoY to 989,900 tons, with export value down 6.2pct to USD 728.8 mln.
Steel imports into Turkey fell 7.2pct YoY to 13.7 mln tons during the same period, with import value dropping 15.6pct to USD 10.7 bln. However, in October, imports rose nearly 40pct YoY to 1.7 mln tons, with import value increased by 16.8pct YoY to USD 1.2 bln.
According to TCUD, increase in steel consumption in October 2024, due to addition to the construction sector growing faster than the Turkish economy, the automotive sector reaching an all-time high of monthly exports in October with USD 1.385 bln, which was effective in the increase in finished steel consumption. Although the increase in October could not prevent steel consumption from shrinking by 1.8pct in the 10-month period, it drew attention as a positive development as we entered the last quarter.
TCUD also said that the sharp increase Turkey’s steel imports observed in October and decrease in Turkish steel exports, first time in 2024, due to the contraction in world steel demand as the year end approaches, especially in EU countries. It is expected that the increase in Turkish steel exports will continue to decline and fall below 20pct, while the high rate of increase in imports will be brought under control and a reasonable balance will be established.
