Fuat Tosyalı: Global steel demand contraction to continue until end of 2022 

Thursday, 17 November 2022 16:14:28 (GMT+3)   |   Istanbul
       

According to a statement from the Mediterranean Ferrous and Non-Ferrous Metals/Steel Exporters’ Association (ADMIB), the Turkish iron and steel industry accounted for more than $30 billion of Turkey’s total exports worth $209.5 billion in the first 10 months of this year. In the given period, the share of the ferrous and non-ferrous metals industry in Turkey’s total exports was 6.5 percent, while the share of the steel industry was 9.8 percent.

Noting that global demand has shrunk significantly due to the war between Russia and Ukraine and high energy prices, Fuat Tosyalı, ADMIB president, said he predicted that this contraction will continue until the end of 2022. Indicating that Europe will have difficulties in terms of production due to the Russian gas supply embargo, Mr. Tosyalı stated that this situation may create an opportunity for Turkey, especially in 2023, thanks to its geographical proximity, convenient freight and its production capability. With the recovery in demand, the demand for Turkish steel products is expected to increase. Mr. Tosyalı stated that the winter months may be favorable for Turkey compared to European countries, but, still, it is necessary to make green steel production a priority and to be prepared for any risks that may arise by focusing on new markets. 

Stating that the declines in the exports of the Turkish iron and steel industry are at more reasonable levels compared to those in exports of rival countries, Fuat Tosyalı said that Europe seems to have shifted the green transformation to the background. According to Tosyalı, if the war ends, there will be other future agendas such as the development of Turkey’s trade relations with Ukraine and Russia. If the possible opportunities that will arise are evaluated in the best way, success beyond targets may be achieved for both the Turkish steel industry and its exports.


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