In November, the first month-on-month drop was recorded in Turkey's steel product exports since August this year. In October, the export volume reached its peak for 2009 so far. Although the export volume in November was higher compared to the year-ago period, mainly due to the base effect, the average export price of Turkish steel products was still 15.48 percent lower compared to November 2008.
According to the preliminary statistics provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB), in November Turkey's total steel product exports amounted to 1.47 million metric tons, increasing by 30.53 percent year on year. Meanwhile, the revenue generated by these exports totaled $911.01 million, increasing by 10.33 percent compared to November last year.
In November this year Turkey's steel product export volume declined by 18.69 percent compared to October, while the revenue from steel product exports decreased by 17.01 percent month on month.
In the month in question, Turkey's major export market was the UAE, with steel product exports reaching 143,250 metric tons, followed by Saudi Arabia with 116,000 metric tons and Iraq with 106,300 metric tons. Meanwhile, exports made to Egypt, Turkey's largest market in 2009, contracted by 73 percent in November, compared to October.
In the January-November period of the current year, total steel product exports of Turkish mills slid 6.08 percent year on year to 17.24 million metric tons, totaling a value of $10.17 billion, 45.04 percent lower than for the corresponding period of 2008.
