Turkey’s crude steel production increased by nearly 15pct YoY, reaching 21.7 mln tons in the first seven months of 2024, according to the Turkish Steel Producers’ Association (TCUD). In July 2024, crude steel production rose by 4pct compared to the same month last year, totaling 3.1 mln tons.
TCUD also reported a 19.4pct YoY decline in finished steel consumption for July 2024, which amounted to 2.8 mln tons. For the January-July period, finished steel consumption fell by 6.3pct YoY to 21.8 mln tons.
Turkish steel exports surged by 48.7pct YoY in July to 1.3 mln tons, with export value rising by 35.7pct to USD 903.2 mln. For the first seven months of 2024, steel exports grew by 45.3pct in quantity to 7.7 mln tons and by 25.1pct in value to USD 5.7 bln.
Steel imports into Turkey decreased by 24pct YoY in July to 1.2 mln tons, with the import value dropping nearly 30pct to USD 987.9 mln. For the January-July period, steel imports fell by 14.8pct YoY to 9.4 mln tons, with the import value down by 21pct to USD 7.5 bln.
TCUD attributed the decline in steel imports to reduced domestic consumption and the base effect caused by high import levels in 2023. Despite this downward trend, there was a sharp increase in imports from Egypt and Indonesia.
The association also noted a significant rise in Turkish steel exports to the US and the EU, driven by a base effect resulting from the substantial decline in exports to these regions in recent years. Additionally, the demand created by tensions in the Red Sea, which hindered Far East producers from accessing the European market, was partially met by Turkish producers, contributing to the increase in exports to the EU.
Additionally, despite an increase in Turkish steel exports to the Far East from 82,000 tons to 98,500 tons, this remains far below the 1.2 mln tons exported in 2021. The sharp rise in Chinese steel exports to the region has kept Turkish exports at a low level, TCUD said.
