News Global Market steel production 864 23 December 2024
In January-November, the company's production increased by 11.2% y/y
In November 2024, steel enterprises in Turkey increased steel production by 0.7% compared to the same period in 2023, to 3.010 million tons. The figure increased by 0.4% compared to the previous month. This is evidenced by data from the Global Steel Association WorldSteel.
In January-November, steel production reached 33.91 million tons, up 11.2% compared to the same period in 2023. The average monthly production was 3.08 million tons, compared to 2.77 million tons in the first 11 months of last year.
Pig iron production in Turkey in November fell by 3.5% y/y and 3.3% m/m – to 817 thousand tons, and for 11 months it increased by 20.8% y/y to 9.44 million tons. Average monthly pig iron production in 2024 amounted to 858.1 thousand tons compared to 710.1 thousand tons a year earlier.
Turkey’s steel industry has shown positive dynamics in steel production in November 2024 and for the first 11 months of the year, indicating a steady recovery in domestic demand in the construction industry, the implementation of large-scale infrastructure projects, and a favorable external environment for Turkish steel exports. At the same time, pig iron production declined in November, although there was also a significant increase in annual terms, indicating that production processes in the industry were intensifying.
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.
