Turkiye reduced steel production by 1.3% m/m in April

In April 2023, steel enterprises of Turkiye reduced steel production by 1.3% compared to March 2023 – to 2.678 million tons. This is evidenced by data, published on the World Steel Association’s website.

Compared to April 2022, Turkish steelmakers reduced steel production by 20.6% in April 2023.

In January-April 2023, steel companies of Turkiye produced 10.1 million tons of steel, which is 21.3% less than in the same period of 2022.

In May 2023, the Turkish oil pipeline corporation BOTAŞ kept natural gas prices at the level of April, although local steelmakers expected that the cost of energy resources would continue to decrease.

From April 1, 2023, BOTAŞ reduced wholesale prices on natural gas for large industrial enterprises by 20.01% compared to March. This was the third consecutive decrease in gas prices in the country in 2023. In February, gas for industry became cheaper by 13-17%, and in March – by 21-26%

Compared to October 2022, when gas prices in Turkiye reached peak values, the wholesale price of gas for industry as of April 2023 has decreased by 52.43-63.63%, and for electricity producers – by 51.52%.

After the last price adjustment, Turkiye has the lowest price for natural gas among European countries.

In addition, according to the President of Turkiye, Recep Erdogan, from April 1, 2023, prices for electricity for all consumers decreased by another 15% after down 16% at the end of 2022.

As GMK Center reported earlier, Turkiye ranks eighth in the world in terms of steel production. In 2022, Turkish enterprises reduced production of steel by 12.9% compared to 2021 – to 35.1 million tons.