Steel consumption in Turkey in January-September decreased by 4.2% y/y

In January-September 2024, the consumption of rolled steel in Turkey decreased by 4.2% compared to the same period in 2023 – to 27.8 million tons. This is stated in the press release of the Turkish Association of Steel Manufacturers (TCUD).

In 9 months, local steelmakers produced 27.9 million tons of steel, which is 13.8% more year-on-year. Export of finished steel products increased by 31.6% y/y – to 27.8 million tons, while import decreased by 12.5% ​​y/y – to 9.8 million tons. Thus, the export-import coverage ratio, which was 52.0% in January-September 2023, increased to 75.9% this year.

In September, steel consumption on the Turkish market increased by 0.8% compared to September 2023 – to 2.9 million tons. Exports increased by 17.7% y/y – to 1.3 million tons, and imports – by 4.8% y/y, up to 1.3 million tons. Steel production for the month increased by 6.5% y/y, up to 3.1 million tons.

«In September, exports of steel products continued their upward trend, albeit at a slower pace. For 9 months, shipments to the EU increased by 98% y/y, to 3.6 million tons. Imports were also marked by growth in September. Indonesia and Malaysia stood out as the countries with the highest growth rates. Provided additional steps are taken to limit imports, which are already being implemented, the country’s steel industry will be able to strengthen its position and continue to reduce the foreign trade deficit,» the report says.

As GMK Center reported, Turkey reduced its steel production by 4% in 2023 compared to 2022 – to 33.714 million tons. The average monthly steel production in the country for 2023 was 2.81 million tons, which is 4.04% less y/y.

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