In January this year, Turkish steel exports to Saudi Arabia increased almost by five times compared to January 2011, according to the preliminary statistics provided by Turkey's Steel Exporters' Association (CIB).
The data show that Turkey's total steel exports to Saudi Arabia in January this year amounted to 259,927 mt, compared to just 52,167 mt in January 2011. Of the figure for January 2012, Turkey's steel billet exports to Saudi Arabia amounted to 205,508 mt rising by six times, steel rebar exports were 38,022 mt, up by 173 percent, and steel section exports rose by almost four times, all compared to January last year.
In Saudi Arabia, steel consumption is expected to remain at high levels in 2012 due to large government-based development projects, and growing investment in real estate and in gas/energy supply. Saudi Arabian market players state that their steel inventories are full in line with increased imports in recent months, but that steel import figures in 2012 are expected to remain high, especially for steel billet.