Steel consumption in Turkey in January-September decreased by 4.2% y/y

Export of steel products increased by 31.6% y/y for 9 months, while import fell by 12.5% y/y

In January-September 2024, the consumption of rolled steel in Turkey decreased by 4.2% compared to the same period in 2023 – to 27.8 million tons. This is stated in the press release of the Turkish Association of Steel Manufacturers (TCUD).

In 9 months, local steelmakers produced 27.9 million tons of steel, which is 13.8% more year-on-year. Export of finished steel products increased by 31.6% y/y – to 27.8 million tons, while import decreased by 12.5% y/y – to 9.8 million tons. Thus, the export-import coverage ratio, which was 52.0% in January-September 2023, increased to 75.9% this year.

In September, steel consumption on the Turkish market increased by 0.8% compared to September 2023 – to 2.9 million tons. Exports increased by 17.7% y/y – to 1.3 million tons, and imports – by 4.8% y/y, up to 1.3 million tons. Steel production for the month increased by 6.5% y/y, up to 3.1 million tons.

As GMK Center reported, Turkey reduced its steel production by 4% in 2023 compared to 2022 – to 33.714 million tons. The average monthly steel production in the country for 2023 was 2.81 million tons, which is 4.04% less y/y.

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