Turkiye reduced steel production by 17.8% y/y in October 2022

In October 2022, steel production in Turkiye decreased by 17.8% y/y – to 2.9 million tons. SteelOrbis reports about it with the reference to data from the Turkish Steel Association (TCUD).

For 10 months of 2022, the total production of steel in the country decreased by 10.1% year-on-year – to 30.2 million tons.

Rolled products consumption in Turkiye in October 2022 increased by 11.5% y/y – to 2.8 million tons, but in 10 months, it fell by 2.5% year-on-year – to 27.1 million tons.

In October 2022, steel exports from the country decreased by 42.3% – to 1.1 million tons, its value in monetary terms fell by 51.3% y/y – to $853.3 million. In January-October, export volumes decreased by 18% year-on-year – to 13.6 million tons.

Steel imports to Turkiye in October 2022 increased by 11.6% y/y – up to 1.2 million tons. At the same time, in 10 months it decreased by 3.6% compared to the same period last year – to 12.5 million tons.

In January-October, the ratio of exports to imports decreased to 93.3% compared to 114.5% in the same period of 2021.

As GMK Center reported earlier, steel companies in Turkiye fear an increase in the import of cheaper steel products from India into the country after the Indian authorities canceled the export duty on steel. In addition, competition between the two countries is expected to increase in other markets.

Also, in September 2022, according to TCUD, steel production in the country decreased by 19% y/y – to 2.7 million tons. In January-September, it fell by 9.3% compared to the same period of 2021 – to 27.3 million tons.