Crude steel production in Turkey increased by 18.0 percent year on year in March this year to 3.2 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-March period this year, Turkey produced 9.5 million mt of crude steel, up by 28.4 percent year on year.
In March this year, Turkey’s finished steel consumption fell by 1.6 percent to 3.4 million mt, while in the first quarter this year its finished steel consumption increased by nine percent to 9.7 million mt, both year on year.
In March, Turkey’s steel exports increased by 41.7 percent to 1.1 million mt, while the value of these exports rose by 18.3 percent to $853.4 million, year on year. In particular, the increase in the country’s high value-added product exports boosted flat steel exports by 65.7 percent in March. In the first three months, the country’s steel exports increased by 45.9 percent to 3.2 million mt, while the value of these exports rose by 24.4 percent to $2.4 billion, both year on year.
In March, Turkey’s steel imports decreased by 10.2 percent to 1.5 million mt, while the value of these imports moved down by 15.8 percent to $1.2 billion, both year on year. In the given month, the share of imports in domestic steel consumption was recorded at 40.7 percent, decreasing by five percentage points compared to March last year. In the first three months this year, the country’s steel imports decreased by 3.2 percent to 4.1 million mt, while the value of these imports fell by 10.7 percent to $3.2 billion, both year on year.
In the January-March period, Turkey’s steel export to import ratio increased to 74.9 percent.
According to the association, the increase in Turkey’s exports gained momentum, while its exports to Israel have decreased significantly due to the latter’s attacks on Gaza. Turkey’s Ministry of Commerce has restricted the exports of 54 product groups, including rebar, wire rod and flat steel products, to Israel, as SteelOrbis previously reported. In addition, Turkey’s exports to Yemen have decreased by approximately 15 percent due to the tensions in the Bab al-Mandeb Strait. The association stated that it is important to find alternative markets to compensate for the losses experienced in the Middle East and the Gulf region, especially in Israel and Yemen.
Although there was a decrease in Turkey’s total steel imports in the first quarter of the year, imports from Far Eastern countries increased by 43 percent. Meanwhile, the TCUD stated that it is important to continue the efforts to maintain the increase in exports of high value-added products, the initiatives to end the safeguard measures implemented against Turkey, and to increase the country’s competitiveness.