Turkiye increased rebar exports by 45.6% y/y in February

The main export destinations were Romania, Israel and Yemen

In February 2024, steel enterprises in Turkiye increased rebar exports by 45.6% compared to the same month in 2023, to 301.22 thousand tons. This is evidenced by preliminary data from the Turkish Statistical Institute (TUIK), Kallanish reports.

Compared to January, Turkish steelmakers increased rebar exports by 16.3% in February.

The main export destinations for the relevant products from Turkiye in February were Romania – 43.23 thousand tons compared to 0.9 thousand tons in February 2023. Israel and Yemen, which used to be the main export destinations, shipped 30.3 thousand tons (-33.8% y/y) and 30.2 thousand tons (-46.8% y/y), respectively.

A decrease in the consumption of Turkish rebar by Israel due to the military actions in the country affected the total exports from Turkiye in January, but a sharp increase in shipments to Romania contributed to the increase in February.

In January-February, Turkiye increased rebar exports by 9.9% year-on-year – to 559.96 thousand tons.

As GMK Center reported earlier, Turkiye reduced steel production by 4% in 2023 compared to 2022, to 33.714 million tons. The country’s average monthly steel production in 2023 amounted to 2.81 million tons, down 4.04% y/y.

Steel exports from the country decreased by 30.6% y/y – to 10.5 million tons over the year. Export revenue decreased by 40.7% – to $8.3 billion. Steel imports to Turkiye in 2023 increased by 15.5% y/y – to 17.1 million tons, while import costs decreased by 6.1% y/y – to $14.6 billion.