TCUD: Turkey ranks eighth in world crude steel output in May

Tuesday, 06 July 2021 12:26:22 (GMT+3)   |   Istanbul
       

Crude steel production in Turkey increased by 42.4 percent year on year in May this year to 3.2 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-May period this year, Turkey produced 16.4 million mt of crude steel, up by 21.2 percent year on year. With these figures, Turkey ranked eighth in world crude steel production in May and in the January-May period.

In May, Turkey’s finished steel consumption rose by 35.4 percent to 14.9 million mt, while in its long product consumption increased by 39.3 percent and flat product consumption rose by 32.2 percent, all year on year.

In the given month, Turkey’s steel exports increased by 53.7 percent to 1.7 million mt, while the value of these exports rose by 134.4 percent to $1.3 billion, year on year. In the January-May period this year, the country’s steel exports increased by 17.4 percent to 7.5 million mt, while the value of these exports rose by 58.4 percent to $5.2 billion, both year on year.

In May, Turkey’s steel imports increased by 95.2 percent to 1.5 million mt, while the value of these imports moved up by 162.6 percent to $1.3 billion, both year on year. In the first five months this year, the country’s steel imports increased by 49.4 percent to 7.0 million mt, while the value of these imports rose by 88.1 percent to $5.5 billion, both year on year.

In the first five months of the year, Turkey’s steel export to import ratio declined to 94.6 percent, from 112.3 percent recorded in the same period last year.

According to the association, the increases in the world’s and Turkey’s steel production was due to the base effect caused by the production declines during the pandemic last year. Turkey’s steel exports decreased amid the safeguard measures implemented around the world, especially in the US and the EU.


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