Turkey increased steel exports by 45.1% y/y in January-June

The import of steel products decreased by 13.3% y/y in 6 months

In January-June 2024, Turkey increased steel exports by 45.1% compared to the same period in 2023, to 6.49 million tons. This is evidenced by data from the Turkish Steel Producers Association (TCUD).

In June, steel exports by Turkish steelmakers increased by 30.9% compared to June 2023 to 1.14 million tons.

Imports of steel products to Turkey decreased by 13.3% y/y over 6 months – to 8.23 million tons. In June, this volume decreased by 20.1% y/y – to 1.17 million tons. The export-import coverage ratio, which amounted to 47.9% in January-June 2023, rose to 73.6% in January-June 2024.

Over 6 months, steel consumption in the country decreased by 4% y/y – to 19.04 million tons, and in June – by 13.3% y/y, to 2.89 million tons. Steel production for the period increased by 16.9% y/y – to 18.61 million tons, and for the month – by 4.3% y/y, to 3.07 million tons.

As GMK Center reported earlier, Turkey reduced steel production by 4% in 2023 compared to 2022, to 33.714 million tons. The country’s average monthly steel production 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.

There are 29 steel mills in Turkey, including 3 blast furnace mills and 26 electric arc mills. Their annual steelmaking capacity is estimated at about 60 million tons. This means that in 2023, capacity utilization was 58.5%.