Turkey’s crude steel output increased by nearly 20pct YoY in the first five months of 2024, reaching 15.5 mln tons from January to May, according to the Turkish Steel Producers’ Association (TCUD). In May 2024, Turkey’s crude steel production rose by 11.6pct compared to the same month last year, reaching 3.2 mln tons.
TCUD reported a 16.2pct YoY decline in finished steel consumption in May 2024. For the January-May period, the country’s finished steel consumption decreased by 2.1pct YoY to 16.1 mln tons.
In May, exports of Turkish steel products increased by 45.9pct YoY to 1.1 mln tons, with the value rising by 24.8pct to USD 851 mln. For the January-May period, Turkish steel exports increased by 48.6pct in quantity to 5.4 mln tons and by 26.2pct in value to USD 4 bln.
Meanwhile, Turkish steel imports decreased by 12.1pct YoY to 7.1 mln tons in the first five months of the year, with the import value dropping by 17.5pct to USD 5.6 bln. In May, steel imports decreased by 29.1pct YoY to 1.5 mln tons, with the import value declining by nearly 30pct YoY to USD 1.3 bln.
Commenting on the steel sector’s performance, the TCUD noted that Turkish steel exports to European countries increased sharply to 1.9 mln tons in Jan-May 2024, aligning with the average of the last five years. However, the European Union’s decision to extend protective measures on steel imports, in place since 2018, for another two years until June 2026, overshadowed this positive development.
To sustain the increasing trend in steel production and exports and surpass the production and export levels of 2021, the TCUD emphasized the need to limit steel imports, especially from China and other Far Eastern countries, review the Inland Processing Regime application, and reduce input costs, particularly energy.
