Turkey increased steel exports by 27.6% y/y in 2024

Turkey increased steel exports by 27.6% y/y in 2024 – to 13.4 million tons. This is evidenced by data from the Turkish Steel Association (TCUD), Güneş reports.

In December last year, this figure increased by 16% compared to the same period in 2023 – up to 1.3 million tons.

Steel imports in 2024 amounted to 17.4 million tons (+1.7% y/y). In December, the country increased its steel imports by 73.8% year-on-year – to 1.8 million tonnes, driven by an increase in supplies of semi-finished and long products (+100% and 48%, respectively).

Consumption of rolled products in the country increased by only 0.6% year-on-year – to 38.3 million tons last year. In December, this figure was 3.3 million tons (+11.4% y/y).

“High growth rates of imports from countries such as China, Indonesia, Vietnam, and Malaysia, which has a free trade agreement with our country, have had a negative impact on foreign trade in steel products. The products that Chinese manufacturers have been supplying to global markets for the past two years at prices close to cost have turned them upside down. Exports from China have reached the second highest level after the historic high of 112.4 million tons recorded in 2015, and in 2024 they will reach 110.7 million tons,” said Veysel Yayan, Secretary General of TCUD.

Yayan pointed out that the Turkish steel sector showed a recovery in export markets last year. At the same time, he believes that Turkey needs to introduce measures similar to those of the European Union and the United States.

As GMK Center reported earlier, in 2024, Turkish steelmakers increased steel production by 9.4% compared to 2023, to 36.89 million tons. Pig iron production in the country increased by 17.2% y/y – to 10.19 million tons last year.