Shipments fell by 35.8% year-on-year
In August 2023, steel companies of Turkiye increased the export of rebar by 12.1% compared to the previous month – to 370.8 thousand tons. In annual terms, shipments fell by 35.8%. This is reported by SteelOrbis with reference to the preliminary data of the Turkish Statistical Institute (TUIK).
The profit received from this export in this period amounted to $218.56 million, which is 6.4% more than in July and 42.7% less than in August 2022.
In August, the main consumer of Turkish rebar was Israel – more than 102 thousand tons (+21.2% y/y) and Yemen – 55.6 thousand tons (-33.8 y/y). In the third place is Ethiopia – 48 thousand tons (+4.6 times y/y).
In January-August 2023, steelmakers of Turkiye reduced the export of rebar by 48% year-on-year – to 2.1 million tons.
As GMK Center reported earlier, according to the Mediterranean Association of Exporters of Ferrous and Non-Ferrous Metals (ADMIB), African markets, especially Algeria and Egypt, become important alternative export destinations for Turkish steelmakers. This trend is related to the continuation of the global reduction in demand for steel.
Also, steel enterprises of Turkiye in August 2023 reduced production of steel by 3.5% compared to July – to 2.791 million tons. Compared to August last year, this indicator decreased by 1.6%. In January-August 2023, 21.6 million tons of steel were produced, which is 12.1% less than in the same period of 2022.