Turkey’s crude steel production rose by 14pct YoY to 27.9 mln tons in the first nine months of 2024, according to the Turkish Steel Producers’ Association (TCUD). In September alone, production grew 6.5pct YoY to 3.1 mln tons.
Turkey’s finished steel consumption dropped 4.2pct YoY to 27.8 mln tons from January to September, though it increased slightly by 0.8pct in September to 2.9 mln tons.
Turkish steel exports surged 31.6pct YoY in the first nine months of 2024, reaching 9.8 mln tons. Export value rose 18.2pct to USD 7.2 bln. In September, exports climbed 17.7pct YoY to 1.3 mln tons, with export value up 16.7pct to USD 908.2 mln.
Steel imports into Turkey fell 12.5pct YoY to 11.9 mln tons during the same period, with import value dropping 19.5pct to USD 9.5 bln. However, in September, imports rose 4.8pct to 1.3 mln tons, though the value decreased by 5.8pct to USD 1 bln.
According to TCUD, Turkish steel exports continued to rise in September, particularly to the EU, where exports nearly doubled, increasing by 98pct YoY to 3.6 mln tons in the first nine months.
Imports also grew in September, despite an overall decline from January to September. Indonesia and Malaysia recorded the highest increases, with Turkish imports from these countries rising by 147pct and 133pct, reaching 600,000 tons and 1.3 mln tons, respectively.
TCUD noted that protective measures implemented by the Ministry of Trade in January contributed to a 57.5pct drop in wire rod imports and a 71pct increase in exports. While flat steel imports remained steady, it is expected to gradually decline starting in October. TCUD projects that the export-import coverage ratio, currently at 75pct, could reach 90pct by year-end and exceed 100pct again in 2025.
