Crude steel production in Turkey increased by 17.9 percent year on year in June this year to 3.4 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-June period this year, Turkey’s crude steel production totaled 19.7 million mt, rising by 20.6 percent year on year, maintaining its eighth position among crude steel producing countries worldwide in terms of output.
In the January-June period, Turkey’s finished steel consumption rose by 1.5 percent to 2.5 million mt, while in June finished steel consumption in Turkey increased by 29.4 percent to 17.4 million mt, both year on year.
In June, Turkey’s steel exports increased by 17.8 percent to 1.8 million mt, while the value of these exports rose by 94.7 percent to $1.4 billion, year on year. Exports in the January-June period stood at 9.2 million mt, up by 17.1 percent year on year, while the value of the exports during this period was $6.7 billion, up by 64.9 percent year on year.
In June, Turkey’s steel imports decreased by 12.9 percent to 1.2 million mt, while the value of these imports moved up by 49.9 percent to $1.1 billion, both year on year. In the first six months of the current year, imports increased by 35.3 percent to 8.2 million mt, while the value of these imports increased by 80.2 percent to $6.6 billion, both year on year.
According to the TCUD, although there was a significant increase in Turkey’s steel production and exports in the first six months of the year, the increase in exports lagged behind the increase in imports. The high rate of the increase in the country’s steel imports decreased the ratio of exports to imports. In the first six months of the year, Turkey’s steel export to import ratio declined to 100.8 percent, from 110.1 percent recorded in the same period last year. The association expects the production, consumption and foreign trade balances to start to settle gradually as of the second half of the year, and, with the introduction of new capacities, there will be a production surplus in flat products, which will provide additional opportunities not only in terms of exports but also in terms of imports.
The association stated that by the end of this year the contribution of the Turkish steel industry to closing the country’s current account deficit is expected to increase. In order to maintain this increase, it is important to take retaliatory measures against the safeguard measures and other trade policy measures implemented by many countries, especially the EU and the US, the TCUD said.