Turkey reduced rebar exports by 28.3% y/y in October

In October 2024, Turkish steel enterprises reduced rebar exports by 28.3% compared to the same month in 2023, to 206.26 thousand tons. This is evidenced by preliminary data from the Turkish Statistical Institute (TUIK), Kallanish reports.

Export shipments of rebar fell by 37.3% compared to September. The average registered price in October amounted to $578.5/ton compared to $592/ton in October 2023 and $578/ton in September.

The main export destinations of the relevant products from Turkey in September were Yemen – 54.96 ths tonnes (+191% y/y). Turkey shipped 24.66 ths tonnes to Palestine and the Dominican Republic (not imported in October 2023) and 17.14 ths tonnes (-4.2% y/y), respectively. Against the background of mutual trade restrictions between Turkey and Israel, no exports were made in this direction, while in October 2023 the volumes were estimated at 38.6 ths tonnes.

In January-October, Turkey reduced rebar exports by 2.4% compared to the same period in 2023, to 2.7 million tons.

Despite the drop in rebar exports, Turkey produced 3 million tons of steel in October, up 0.7% y/y. The figure was down 3% month-on-month.

As GMK Center reported earlier, 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).