Steel consumption in Turkey decreased by 1.8% y/y in January-October

Consumption of rolled steel products in Turkey in January-October 2024 decreased by 1.8% compared to the same period in 2023 – to 31.4 million tons. This is stated in a press release from the Turkish Steel Association (TCUD).

Over 10 months, local steelmakers produced 30.9 million tons of steel, up 12.4% y/y. Exports of finished steel products grew by 30.7% y/y – to 11.2 million tons, while imports decreased by 7.2% y/y – to 13.7 million tons. Thus, the export-import coverage ratio, which stood at 54% in January-October 2023, has risen to 76% this year.

In October, steel consumption in the Turkish market increased by 19% compared to October 2023 to 3.4 million tons. Exports decreased by 8.5% y/y – to 989.9 thousand tons, while imports increased by 39.8% y/y – to 1.7 million tons. Steel production for the month increased by 0.7% y/y – to 3 million tons.

“In October 2024, the Turkish steel sector showed mixed trends: production slowed down, consumption increased due to construction activity and record car exports, while imports grew rapidly and exports declined for the first time this year due to weak global steel demand, especially in the EU,” the report said.

As GMK Center reported earlier, Turkey reduced steel production by 4% in 2023 compared to 2022 to 33.714 million tons. The average monthly steel production in the country in 2023 amounted to 2.81 million tons, down 4.04% y/y.

Steel exports from the country decreased by 30.6% y/y – to 10.5 million tons over the year. Export revenue decreased by 40.7% – to $8.3 billion. Steel imports to Turkey in 2023 increased by 15.5% y/y – to 17.1 million tons, while import costs decreased by 6.1% y/y – to $14.6 billion.