Turkey’s crude steel production increased by 11.2pct YoY (YoY) to 33.9 mln tons in the first 11 months of 2024, according to the Turkish Steel Producers’ Association (TCUD). In November alone, production grew marginally by 0.7pct YoY to 3 mln tons.
Finished steel consumption slightly decreased by 0.3pct YoY to 35 mln tons during the same period, despite a 14.3pct YoY surge in November to 3.6 mln tons.
Turkish steel exports rose 29pct YoY to 12.1 mln tons from January to November 2024, with export value increasing by 15.3pct to USD 8.9 bln. In November, exports grew by 13.6pct YoY to 967,300 tons, while export value rose 15.4pct YoY to USD 709 mln. The EU was a key growth market, with exports increasing by 79.3pct to 4.3 mln tons, driven by reduced competition from Far Eastern producers due to Red Sea tensions.
Steel imports fell by 3pct YoY to 15.6 mln tons during the 11-month period, with their value dropping 13pct to USD 11.9 bln. However, November saw a sharp 46.6pct YoY increase in imports to 1.8 mln tons, valued at USD 1.2 bln (+20pct YoY). This rise was attributed to a 100pct increase in semi-finished product imports and a 48pct increase in long product imports.
Turkey’s steel capacity utilization rate rose from 55.9pct in 2023 to 62.4pct in 2024. The country ranked 8th globally in crude steel production, recording the second-highest growth after Vietnam. Consumption trends were mixed, with October and November gains offsetting the slight overall decline in 2024, attributed to the earthquake’s base effect.
TCUD noted risks from geopolitical tensions in the Middle East and China’s policy shifts, which may impact domestic demand and global capacity. However, it expects extended domestic measures, better regulation of the Inward Processing Regime (DIR), and reduced economic stability controls to lower import reliance, increase exports, and boost the steel sector’s contribution to Turkey’s current account deficit.
