Turkey’s steel exports decline by 8.8 percent in Q1
In March this year, Turkey’s steel exports decreased slightly by 0.3 percent year on year to 1.5 million mt, while the value of these exports totaled $966 million, down 17.6 percent on year-on-year basis, according to the data released by the Turkish Steel Exporters’ Association (CIB).
In the first quarter of this year, Turkey’s steel exports declined by 8.8 percent to 4.2 million mt, while the value of these exports totaled $2.7 billion, down 20.2 percent, both on year-on-year basis. In the given quarter, Turkey’s main steel export destination was the Middle East, which received 1.76 million mt, up 7.8 percent year on year. The Middle East was followed by North America, the EU, North Africa, and Central and South America, which imported 703,000 mt, 527,000 mt, 375,000 mt and 345,000 mt of Turkish steel products respectively.
In the first three months, Turkey’s main exported steel product was rebar with total rebar exports amounting to 2.06 million mt. Rebar was followed by steel pipe exports totaling 450,000 mt, steel profile exports reaching 410,000 mt and hot rolled flat steel exports amounting to 334,000 mt.
“Unfortunately the Turkish steel industry closed the first quarter below expectations. As in other industries, the steel industry is also suffering from economic and political issues. The Middle East and Africa are our main export markets. Political turmoil in these regions causes concerns and demand is slowing down. Saudi Arabia’s recent military intervention in Yemen also negatively affected our exports. In the meantime, trade measures are increasing in industrialized economies, particularly in the US, Canada and in South American countries. On the other hand, Ukraine, Russia and China export dumped goods to our key export markets. All these factors make it difficult for us in terms of trade activity,” commented CIB chairman Namık Ekinci.