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TCUD: Turkey’s steel output rises in October with new capacities

Thursday, 30 November 2023 17:37:59 (GMT+3)   |   Istanbul
       

Crude steel production in Turkey increased by 4.1 percent year on year in October this year to three million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-October period this year, Turkey produced 27.5 million mt of crude steel, down by 8.8 percent year on year.

In October, Turkey’s finished steel consumption rose by four percent to 2.9 million mt, while in the January-October period this year the country’s finished steel consumption increased by 17.1 percent to 31.9 million mt, both year on year. 

In October, Turkey’s steel exports increased by 3.9 percent to 1.1 million mt, while the value of these exports declined by 8.2 percent to $780.2 million, year on year. In the first 10 months this year, the country’s steel exports decreased by 36.4 percent to 8.5 million mt, while the value of these exports fell by 44.7 percent to $6.9 billion, both year on year. 

In the given month, Turkey’s steel imports increased by 3.1 percent to 1.2 million mt, while the value of the imports moved down by 5.2 percent to $1 billion, both year on year. In the first 10 months of this year, the country’s steel imports increased by 18.8 percent to 14.8 million mt, while their value fell by 5.2 percent to $12.7 billion, both year on year. 

In the January-October period, Turkey’s steel export to import ratio decreased to 54.0 percent, from 92.7 percent recorded in the same period of the previous year. 

According to the association, Turkey’s crude steel production, which moved sideways since April and entered an increasing trend in the third quarter, continued to increase in October. This increase is due to new capacities coming on stream since the second half of the year. However, even in the months when the highest production hike was seen, production remained below the average of the last three years. In addition, the increase in imports in the first 10 months of the year shows that the steel consumption in the country is met by foreign suppliers. The association stated that, while creating new balances in the economy, it is of great importance for both the Turkish steel industry and the country’s economy that the country put an end to the increase in imports by adopting measures such as those in the EU and the US. 


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