Türkiye increased steel consumption by 17.1% y/y in 2023

Steel exports from the country decreased by 31% y/y

Türkiye increased its consumption of rolled steel products by 17.1% in 2023 compared to 2022, up to 38.1 million tons. This is evidenced by data from the Turkish Steel Association (TCUD), SteelOrbis reports.

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 Türkiye 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. Thus, the ratio of exports to imports decreased to 56.6% from 89.6% in 2022.

According to TCUD, the Turkish authorities should facilitate the introduction of protective measures against imports of steel products into the country at dumped prices. This will help stabilize the steel sector and support production. The Association predicts that domestic demand for steel will grow in 2024, supporting investments and new capacity that were launched in the second half of 2023.

In addition, according to the association, the crisis in the Red Sea, higher freight prices and geopolitical risks could negatively affect Türkiye’s export markets. Therefore, given the EU’s protective measures and possible obligations under the CBAM, efforts to increase its presence in emerging markets, including North Africa, are becoming important for the domestic steel industry.

As GMK Center reported earlier, Türkiye 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. The country retained 7th place in the global steel producer ranking WorldSteel.