Crude steel production in Turkey increased by 13.9 percent year on year in August this year to 3.14 million mt, according to a statement released by the Turkish Steel Producers’ Association (TCUD). In the January-August period this year, Turkey produced 24.8 million mt of crude steel, up by 14.8 percent year on year. Turkey recorded the second-largest increase in crude steel output globally in the first eight months of 2024.
In August this year, Turkey’s finished steel consumption rose by 7.8 percent to 3.08 million mt, while in the first eight months this year its finished steel consumption decreased by 4.7 percent to 24.9 million mt, both year on year.
In the given month, Turkey’s steel exports increased by 11.8 percent to 1.16 million mt, while the value of these exports rose by 9.3 percent to $844.7 million, year on year. In the January-August period, the country’s steel exports increased by 39.8 percent to 8.9 million mt, while the value of these exports rose by 22.8 percent to $6.53 billion, both year on year. The country's flat and long steel exports in the first eight months totaled 3.97 million mt and 4.72 million mt, respectively.
In August, Turkey’s steel imports decreased by 0.7 percent to 1.32 million mt, while the value of these imports moved down by 9.2 percent to $1.03 billion, both year on year. In the first eight months this year, the country’s steel imports decreased by 13.3 percent to 10.72 million mt, while the value of these imports fell by 19.7 percent to $8.5 billion, both year on year. In the January-August period, the country's flat and long steel imports totaled 5.48 million mt and 928,839 mt, respectively.
In the January-August period, Turkey’s steel export to import ratio increased to 75.50 percent from 49.98 percent in the same period last year.
Stating that the safeguard measure on wire rod imports enabled imports to decrease and exports to increase, the TCUD went on to say that, in order to maintain this successful result, similar steps should continue to be implemented to rapidly reduce the foreign trade deficit and permanent measures should be developed to make local supply attractive.