Turkey’s crude steel production rose 9.4pct in 2024 to 36.9 mln tons, according to the Turkish Steel Producers’ Association (TCUD), maintaining its position as the world’s 8th largest producer. However, output in December declined 7.6pct YoY to 2.9 mln tons. The steel capacity utilization rate improved to 62.2pct, up from 56.8pct in 2023.
Finished steel consumption increased slightly by 0.6pct to 38.3 mln tons in 2024. In December, consumption surged 11.4pct YoY to 3.3 mln tons.
Turkey’s steel exports grew 27.6pct YoY to 13.4 mln tons, with export value rising 17.7pct to USD 9.7 bln. In December, exports increased by 16pct to 1.3 mln tons, while export value rose nearly 12pct to USD 888 mln.
Steel imports edged up 1.7pct in 2024 to 17.4 mln tons, but their value fell nearly 10pct to USD 13.2 bln. In December, imports surged 74pct YoY to 1.8 mln tons, valued at USD 1.2 bln (up 38pct). The sharp rise was driven by a 100pct increase in semi-finished product imports and a 48pct increase in long product imports.
TCUD noted that rising imports, particularly from China, Indonesia, Vietnam, and Malaysia, have disrupted Turkey’s steel trade. China’s steel exports reached 110.7 mln tons in 2024, the second-highest level on record, with prices near input costs impacting global markets.
TCUD emphasized the need for stronger trade policies to limit excessive imports, similar to measures in the EU and U.S. Supporting domestic production, increasing exports, and redirecting consumption to local suppliers would help optimize new capacity and reduce the current account deficit.
Looking ahead, Turkey’s steel sector is expected to benefit from expansionary monetary policies in 2025. Reconstruction efforts in Syria, Ukraine, and Gaza may also boost demand, though political instability creates uncertainty.
TCUD also warned about potential disruptions in the scrap market due to Eurofer’s push to restrict exports ahead of the EU’s Carbon Border Adjustment Mechanism in 2026. Artificial price suppression could threaten scrap collection and hinder Turkey’s green transformation, prompting TCUD to call for action against restrictive policies by the European Commission.
