According to a statement released by the Turkish Steel Producers’ Association (TCUD), in March this year crude steel production in Turkey decreased by 2.9 percent year on year to 3.3 million mt, while in the January-March period this year Turkey’s crude steel production totaled 9.4 million mt, falling by 4.7 percent year on year.
In the January-March period, Turkey’s finished steel consumption fell by 6.5 percent to 8.5 million mt, due to the decline in crude steel output, the decrease in demand and the stagnation in the construction sector, while in March alone finished steel consumption in Turkey decreased by 16.8 percent to 2.6 million mt, both year on year.
In March, Turkey’s steel exports increased by 7.2 percent to 1.7 million mt, while the value of these exports rose by 43.9 percent to $1.6 billion, year on year. Turkey’s steel exports in the January-March period stood at 4.3 million mt, up by four percent year on year, while the value of these exports came to $4.0 billion, up by 48.8 percent year on year.
In March, Turkey’s steel imports decreased by 20.7 percent to 1.2 million mt, while the value of these imports moved down by 14.6 percent to $1.3 billion, both year on year.
In the first three months of the year, Turkey’s steel export to import ratio increased to 93.44 percent, from 92.03 percent recorded in the same period last year.
According to the association, the decline in global crude steel production continued in March due to the negative effects of the war between Russia and Ukraine, disruptions in the supply chain, and the energy crisis. Steps to support the recovery in the construction sector and supply chain are expected to boost steel demand in 2022 and 2023. Meanwhile, the World Trade Organization (WTO) supported Turkey’s claim that the EU safeguard measures were inconsistent with the General Agreement on Tariffs and Trade’s conditions of increased imports taking place as a result of unforeseen developments and a threat of serious harm being based on facts. Regarding the issue, Veysel Yayan, general secretary of the TCUD, said he expects the EU Commission to review the measures and create free and fair trade conditions with Turkey that take into account the provisions of the Free Trade Agreement and the Customs Union Agreement. Otherwise, it is expected that the countermeasures that Turkey has suspended so far will start to be implemented.