Crude steel production in Turkey increased by 11.6 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 15.53 million mt of crude steel, up by 19.8 percent year on year. Turkey ranked eighth among all countries in terms of increases in monthly crude steel production and it was the second country after Vietnam which increased crude steel output the most in the first five months of 2024.
In May this year, Turkey’s finished steel consumption fell by 16.2 percent to 16.15 million mt, while in the first five months this year its finished steel consumption decreased by 2.1 percent to 3.38 million mt, both year on year.
In May, Turkey’s steel exports increased by 45.9 percent to 1.32 million mt, while the value of these exports rose by 24.8 percent to $850.93 million, year on year. In particular, the increase in the country’s high value-added product exports boosted flat steel exports by 80.4 percent in May. In the first five months, the country’s steel exports increased by 48.6 percent to 5.35 million mt, while the value of these exports rose by 26.2 percent to $3.97 billion, both year on year.
In May, Turkey’s steel imports decreased by 29.1 percent to 1.52 million mt, while the value of these imports moved down by 29.8 percent to $1.27 billion, both year on year. In the given month, the share of imports in domestic steel consumption was recorded at 42.6 percent. In the first five months this year, the country’s steel imports decreased by 12.1 percent to 7.06 million mt, while the value of these imports fell by 17.5 percent to $5.59 billion, both year on year.
In the January-May period, Turkey’s steel export to import ratio increased to 77.05 percent.
According to the TCUD, it is important to continue efforts to limit imports from China and other Far Eastern countries, to maintain the increase in exports of high value-added products as well as the initiatives to end the safeguard measures implemented against Turkey, and to increase the country’s competitiveness.