According to a statement released by the Turkish Steel Producers’ Association (TCUD), in September this year, crude steel production in Turkey increased by 2.4 percent year on year to 3.6 million mt, while in the January-September period this year, Turkey’s crude steel production totaled 29.8 million mt, rising by 15.0 percent year on year.
In the January-September period, Turkey’s finished steel consumption rose by 14.6 percent to 25.0 million mt, while in September alone finished steel consumption in Turkey decreased by 24.0 percent to 2.1 million mt, both year on year.
In September, Turkey’s steel exports increased by 53.0 percent to 2.1 million mt, while the value of these exports rose by 186.0 percent to $2.0 billion, year on year. Turkey’s steel exports in the January-September period stood at 14.8 million mt, up by 25.1 percent year on year, while the value of these exports came to $11.7 billion, up by 95.7 percent year on year.
In September, Turkey’s steel imports decreased by 3.1 percent to 1.1 million mt, while the value of these imports moved up by 75.5 percent to $1.2 billion, both year on year. In the first nine months of the current year, steel imports increased by 26.5 percent to 11.9 million mt, while the value of these imports increased by 88.0 percent to $10.5 billion, both year on year.
According to the TCUD, the increase in the share of steel imports made under the country’s inward processing regime of total steel imports to 67 percent has put pressure on Turkey’s steel production. The decreases in the country’s finished steel consumption by 24.1 percent and in imports by 3.1 percent in September also put the Turkish steel industry under pressure, forcing producers to focus more on export markets. The TCUD stated that the decrease in loan interest rates will increase steel demand from the domestic construction sector and contribute to easing the pressure to export during the rest of the year.