Turkiye reduced steel production by 3.5% m/m in August

In August 2023, steel enterprises of Turkiye reduced steel production by 3.5% compared to July – to 2.791 million tons. This is evidenced by data, published on the website of the World Steel Association.

Compared to August last year, Turkish steelmakers reduced steel production by 1.6% in August 2023.

In January-August 2023, steel companies of Turkiye produced 21.6 million tons of steel, which is 12.1% less than in the same period of 2022.

Average monthly steel production in Turkiye for January-August 2023 amounted to 2.7 million tons, which is 12.1% less y/y.

In September, after three consecutive months of decline, the seasonally adjusted construction confidence index began to rise in Turkiye. In August, the indicator was 87.4%, while in September it increased to 88.3%. The index of construction activity increased by 2.3 percentage points – up to 97.3%. Improving expectations and confidence in the construction sector is likely to be reflected in the country’s steel market. In particular, during September, there was an improvement in domestic demand for fittings.

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.