Turkey reduced rebar export by 19.3% y/y

In September 2024, steel enterprises of Turkey reduced rebar export by 19.3% compared to the same month in 2023 – to 328.8 thousand tons. This is evidenced by the preliminary data of the Turkish Statistical Institute (TUIK), reports Kallanish.

Compared to August, the rebar shipments for export increased by 9.6%. The average registered price in September was $578/t against $567/t in September 2023 and $588.5/t – in August.

The main export destinations of these products from Turkey in September were Palestine – 74 thousand tons (it did not import in September 2023). 44.8 thousand tons (-84.6% y/y) and 29.39 thousand tons (+19.3% y/y) were shipped to Yemen and Albania, respectively. Against the background of mutual trade restrictions between Turkey and Israel, exports in this direction were not carried out, while in September 2023 the volumes were estimated at 109.31 thousand tons.

In January-September, Turkey reduced rebar export by 5.4% compared to the same period in 2023 – to 2.34 million tons.

Despite the drop in rebar exports, Turkey produced 3.09 million tons of steel in September, which is 6.5% more than the previous year. Compared to the previous month, the indicator decreased by 1.7%. During January-September, the volume of steel production reached 27.91 million tons (+13.8% y/y).

As GMK Center reported, 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 indicator 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 down to 1.7% y/y. (35.5 million tons).