CIB: Turkey’s steel exports grow in 2018 despite protectionism

Tuesday, 08 January 2019 17:05:17 (GMT+3)   |   Istanbul

Turkey’s Steel Exporters’ Association (CIB) has announced that in 2018 the country’s steel exports increased by 20.8 percent year on year to 21.4 million mt. In value, these exports totaled $15.6 billion, rising 36.1 percent on year-on-year basis. This means that the country’s steel export grew both in volume and in value last year.

In December, Turkey’s steel exports rose by 31.5 percent to 2.2 million mt, amounting to a value of $1.5 billion, up 26.1 percent, both year on year.

Last year, the Turkish steel sector mostly exported concrete reinforcing steel, hot rolled flats and welded pipe, while the main destinations for exports were the EU, the Middle East and North America. The sharpest declines in Turkey’s steel exports were observed in the US, Iraq, Algeria and the United Arab Emirates. Meanwhile, average prices of steel per metric ton rose by 12.7 percent to $727 from $645 in 2017.

CIB chairman Adnan Aslan evaluated the exports figures as indicators of the Turkish steel industry’s success despite ongoing protectionist policies in the global market. Mr. Aslan pointed to the demand from Asian markets for Turkish steel as the underlying factor in this success. On the other hand, China’s aggressive export policies against protectionism might pose challenges to the Turkish steel sector in 2019, he added. Accordingly, Aslan stated that expanding to Southeast Asia, West Africa and Latin America is on the agenda for 2019.

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