Turkiye reduced rebar exports by 37.7% y/y in 2023

In 2023, Turkish steelmakers reduced rebar exports by 37.7% compared to 2022, to 3.39 million tons. This is evidenced by preliminary data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

In December 2023, Turkish steelmakers exported 335.36 thousand tons of rebar, up 19.9% compared to November and 23% compared to December 2022.

Revenue from rebar exports decreased by 46.9% y/y – to $2.13 billion last year, while in December it increased by 25.2% m/m and 4.8% y/y – to $198.69 million.

In 2023, the main export destinations for the relevant products from Türkiye were Israel and Yemen – 726.41 thousand tons (-29.9% y/y) and 730.3 thousand tons (+1.5% y/y), respectively. Another 246 thousand tons of rebar were shipped to Ethiopia (+207% y/y).

A decrease in the consumption of Turkish rebar by Israel due to the military operations in the country affected the total exports from Türkiye.

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.

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.