Crude steel production in Turkey increased by 7.7 percent year on year in July this year to 2.9 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-July period this year, Turkey produced 18.8 million mt of crude steel, down by 13.3 percent year on year, ranking eighth in world crude steel production, following Germany. In July, the country’s steel production increased for the first time in 14 months.
In July, Turkey’s finished steel consumption rose by 26.9 percent to 3.4 million mt, while in the January-July period this year the country’s finished steel consumption increased by 17.1 percent to 23.3 million mt, both year on year.
In July, Turkey’s steel exports decreased by 27.4 percent to 851,700 mt, while the value of these exports declined by 40.2 percent to $675.5 million, year on year. In the first seven months this year, the country’s steel exports decreased by 44.2 percent to 5.3 million mt, while the value of these exports fell by 51.1 percent to $4.6 billion, both year on year.
In July, Turkey’s steel imports increased by 16.1 percent to 1.5 million mt, while the value of the imports moved down by 7.1 percent to $1.4 billion, both year on year. In the first seven months of this year, the country’s steel imports increased by 22.0 percent to 11.0 million mt, while their value fell by 4.7 percent to $9.5 billion, both year on year.
In the January-July period, Turkey’s steel export to import ratio decreased to 48.0 percent, from 93.4 percent recorded in the same period of the previous year.
According to the association, despite ongoing investments and newly-commissioned capacities, the continued decline in crude steel production and exports in the first seven months of the year raises concerns. Noting that the increase in wire rod imports in recent months continued to gain momentum in July and reached 93.3 percent in the January-July period, the TCUD stated that urgent measures should be adopted. Meanwhile, steel imports from China, the country from which Turkey imports the most after Russia, increased by 84 percent in the first seven months of the year. The association emphasized that preventing China from sending the surplus caused by the contraction of its construction sector to Turkey is important in order to close the current trade foreign deficit of the Turkish steel industry.