In November, following a month-on-month increase of 17.68 percent recorded in October this year, Turkey's steel bar exports almost returned to September levels in volume, with a decrease of 14.55 percent compared to October.
According to the data provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB), in November Turkey's total steel bar exports, including rebar, amounted to 562,600 metric tons, decreasing by 7.58 percent year on year and down by 14.55 percent month on month. Meanwhile, the revenue generated by these exports totaled $264.23 million, declining by 11.68 percent compared to November 2008 and down 17.25 percent month on month.
In November, the average export price of Turkish steel bar amounted to $469.66/mt, down $15.28/mt or 3.15 percent from October levels, and down $22/mt or 4.44 percent from October last year.
Turkey's top ten steel bar export destinations in October 2009:
Country | Quantity (mt) |
UAE | 92,335 |
Iraq | 60,733 |
Libya | 50,247 |
Singapore | 48,830 |
Kuwait | 34,781 |
Brazil | 34,329 |
Peru | 27,088 |
Ethiopia | 23,848 |
Yemen | 27,858 |
Oman | 22,653 |
On the other hand, in the first eleven months of this year, Turkey's steel bar exports slid 13.49 percent year on year to 8.46 million mt, totaling a value of $3.85 billion, down 56.52 percent compared to the corresponding period of the previous year.
In the January-October period, Egypt was Turkey's number one steel bar export destination, with exports totaling 2.29 million metric tons. However, steel bar exports to Egypt are showing a steady decrease since April this year. Egypt is followed by the UAE with 1.63 million metric tons of steel bar exports. Steel bar exports to Iraq during this period amounted to 732,460 metric tons, while exports to Libya reached 580,000 metric tons.
Below graph shows the volume changes in Turkey's major steel bar export markets in the past six months:
