TCUD: Increase in Turkey’s steel exports in Nov due to previous orders

Wednesday, 06 January 2021 14:45:01 (GMT+3)   |   Istanbul

Crude steel production in Turkey increased by 11.6 percent year on year in November last year to 3.2 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-November period last year, Turkey’s crude steel production totaled 32.4 million mt, rising by 4.9 percent year on year.

In the January-November period, Turkey’s finished steel consumption rose by 15.5 percent to 27 million mt, while in November alone finished steel consumption in Turkey increased by 8.8 percent to 2.6 million mt, both year on year.

In November, Turkey’s steel exports increased by 25 percent to 1.5 million mt, while the value of these exports increased by 30.3 percent to $818 million, year on year. Exports in the January-November period stood at 14.8 million mt, down by 7.8 percent year on year, while the value of exports during this period was $7.6 billion, down by 14.6 percent year on year.

In November, Turkey’s steel imports increased by 23.1 percent to 1.1 million mt, while the value of these imports moved up by 22.9 percent to $770 million, both year on year. In the first 11 months of last year, steel imports increased by 9.5 percent to 11.5 million mt, while the value of these imports decreased by 1.8 percent to $7 billion, both year on year.

According to the association, scrap and iron ore prices increased in November. Similar increases were seen in finished steel prices. The first signs of the rapid rise in steel prices in December began to be seen especially from the second week of November, in line with the increase in costs due to the shortage of supply of input products, following the worldwide production increase, especially in the EU region. The rise of Turkey’s steel exports recorded in November was due to export orders booked earlier, not because exports were more profitable. This is evident from the fact that the price increases seen in this month were not reflected in exports. In December, Turkish steel industry’s priority was domestic procurement. The TCUD stated that it expects the global and Turkish steel industries to see a more stable period as of the first quarter of 2021. 

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