In the first half of 2024, Turkey’s crude steel production surged by nearly 17pct YoY, reaching 18.6 mln tons, according to the Turkish Steel Producers’ Association (TCUD). June 2024 saw a 3.1pct increase in crude steel production compared to the same month last year, totaling 3.1 mln tons.
However, TCUD reported a 13.3pct YoY decline in finished steel consumption for June 2024, which amounted to 2.9 mln tons. For the January-June period, finished steel consumption fell by 4pct YoY to 19 mln tons.
In contrast, Turkish steel exports rose by 30.9pct YoY in June to 1.1 mln tons, with export value increasing by 12.6pct to USD 829.2 mln. For the first half of 2024, steel exports grew by 45.1pct in quantity to 6.5 mln tons and by 23.6pct in value to USD 4.8 bln.
Steel imports into Turkey decreased by 20.1pct YoY in June to 1.2 mln tons, with the import value dropping by 30pct to USD 929 mln. For the January-June period, steel imports fell by 13.3pct YoY to 8.2 mln tons, with the import value down by 19.5pct to USD 6.5 bln.
TCUD noted concerns over the steel sector’s performance, highlighting a consecutive decrease in steel consumption over the last three months. Additionally, the implementation of a safeguard measure has impacted wire rod imports, which dropped from an average of 35,000 tons in the first five months of the year to 13,000 tons in June.
