Turkey increased steel production by 6.5% y/y in September

In September 2024, steel enterprises in Turkey increased steel production by 6.5% compared to the same period in 2023, to 3.09 million tons. The figure decreased by 1.7% compared to the previous month. This is evidenced by data from the Global Steel Association WorldSteel.

In January-September, steel production reached 27.91 million tons, up 13.8% compared to the same period in 2023. Average monthly production increased by 13.9% y/y – to 3.1 million tons.

Pig iron production in Turkey in September increased by 15.6% y/y and decreased by 4.9% m/m – to 841.07 thousand tons, and for 9 months it increased by 26.5% y/y – to 7.78 million tons. Average monthly pig iron production in 2024 amounted to 860 thousand tons (+19.3% y/y).

WorldSteel recently downgraded its short-term forecast for global steel demand in 2024 to -0.9% y/y (1.75 billion tons). In particular, in Turkey, the figure will decrease by 5.5% compared to 2023, to 36 million tons. In 2025, the trend will continue, but the rate of decline will slow to 1.7% y/y (35.5 million tons).

As GMK Center reported earlier, in 2023, Turkey reduced steel production by 4% compared to 2022, to 33.7 million tons, and in 2022 – by 12.9% y/y, to 35.1 million tons. The decline in steel production in the country in 2022-2023 is due to macroeconomic instability, which has led to high uncertainty in the domestic market.