Turkey increased exports of steel products by 11.8% y/y in January-February

In January-February 2025, Turkey increased its exports of steel products by 11.8% compared to the same period in 2024, to 2.3 million tons. In value terms, the figure reached $2.1 billion (+7.8% y/y). This is evidenced by the Turkish Steel Association (TCUD).

In February of this year, steel exports increased by 3.2% compared to February 2024 to 1.2 million tons. Export revenue decreased by 2.8% y/y – to $790.1 million.

According to TCUD, exports to the United States in January-February decreased by 80.6% y/y, and to the Far East/South Asia region – by 37.6% y/y. Imports from these regions grew by 28.5% y/y, widening the foreign trade deficit. At the same time, imports from CIS countries increased by 117% y/y. Protectionist measures around the world, such as higher tariffs in the US and restrictions on EU quotas, are complicating the situation for Turkish exports. Estimates suggest that this will negatively affect exports to the EU by 2026. To increase the resilience of the sector, it is important to increase domestic consumption and strengthen domestic supplies.

Imports of steel products for two months increased by 21.6% y/y to 3.1 mln tons in January-February and by 17.6% y/y to 1.2 mln tons in February. Import expenditures reached $2.1 bln (+7.8% y/y) in 2 months, and $940.1 mln (+3.8% y/y) in February. The export-import coverage ratio fell from 76.2% to 72.6%.

Domestic consumption of finished steel products in January-February increased by 9.8% y/y – to 7 million tons, and in February – by 18.6% y/y – to 3.4 million tons. Steel production for 2 months decreased by 3.7% y/y – to 6.1 million tons. In February, Turkish steelmakers produced 2.9 million tons of steel (-5.6% y/y).

As GMK Center reported earlier, in 2024, Turkey increased steel exports by 27.6% y/y – to 13.4 million tons. Steel imports in 2024 amounted to 17.4 million tons (+1.7% y/y). Consumption of rolled steel in the country last year increased by only 0.6% year-on-year to 38.3 million tons.