Turkey increased steel exports by 49.4% y/y in January-April

In January-April 2024, Turkey increased steel exports by 49.4% compared to the same period in 2023, to 4.2 million tons. This is evidenced by data from the Turkish Statistical Institute, Eurometal reports.

The growth in exports was mainly due to an increase in shipments of flat products – by 84.4%. At the same time, steel imports to Turkey decreased by 5.9% y/y over 4 months – to 5.5 million tons. The ratio of exports to imports increased to 72:100 from 50:100 a year earlier.

Steel production in Turkey during this period amounted to 12.3 million tons, up 22.1% compared to January-April 2023. In April, the figure decreased by 12.5% compared to the previous month.

“In order to maintain the growth in steel production and exports in Turkey, it is necessary to introduce effective safeguards against imports from South Asian countries, similar to the US and EU,” said Veysel Yayan, CEO of the Turkish Steel Producers Association TCUD.

Within 4 months, dumped imports from South Asia to Turkey increased by 37% y/y – to 2.8 million tons, despite the decline in the overall figure. The increase in steel imports from Asian countries, especially China, occurred despite the anti-dumping investigation launched by the Turkish Ministry of Commerce on October 31 against imports of hot-rolled coils from China, India, Japan and Russia. The results of the anti-dumping investigation are expected to be announced in the coming months.

As GMK Center reported earlier, Turkey reduced steel production by 4% in 2023 compared to 2022 to 33.714 million tons. The country’s average monthly steel production in 2023 amounted to 2.81 million tons, down 4.04% y/y.

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

There are 30 steelmaking enterprises in Turkey, including 4 blast-furnace and 26 electric arc furnaces. Their annual steelmaking capacity is estimated at about 60 million tons. In other words, in 2023, capacity utilization was 58.5%.