Turkey increased steel exports by 48.6% y/y in January-May

In January-May 2024, Turkey increased steel exports by 48.6% compared to the same period in 2023, to 5.4 million tons. This is evidenced by data from the Turkish Steel Association (TCUD).

In May, steel exports by Turkish metallurgists increased by 45.9% compared to May 2023 – to 1.1 million tons. Exports to the EU in January-May increased by 113% y/y – to 1.9 million tons.

Imports of steel products to Turkey decreased by 12.1% y/y over 5 months – to 7.1 million tons. In May, this volume decreased by 29.1% y/y – to 1.5 million tons. The export-import coverage ratio, which stood at 46.5% in January-May 2023, rose to 71% in January-May 2024.

Over 5 months, steel consumption in the country decreased by 2.1% y/y – to 16.1 million tons, and in May – by 16.2% y/y, to 3.4 million tons. Steel production for the period increased by 19.8% y/y – to 15.5 million tons, and for the month – by 11.6% y/y, to 3.2 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 steelmaking enterprises in Turkey, including 3 blast-furnace and 26 electric arc furnaces. Their annual steelmaking capacity is estimated at about 60 million tons. In other words, in 2023, capacity utilization was 58.5%.