Sharp decline in steel production and exports

Turkey’s crude steel production decreased by 10.1 percent in the January-September period compared to the same period last year, reaching 24.5 million tons.

According to information received from the Turkish Steel Producers Association (TÇÜD), the Turkish steel industry completed 9 months of the year with a decrease in production and an increase in consumption.

Turkey’s crude steel production increased by 8.4 percent in September compared to the same month last year, reaching 2.9 million tons. In the nine months of the year, production decreased by 10.1 percent and reached 24.5 million tons.

Consumption of finished products increased by 30.3 percent in September compared to the same month of the previous year, reaching 2.8 million tons, and increased by 18.5 percent in the January-September period, reaching 28, 9 million tons.

STRONG DECREASE IN EXPORTS

Exports of steel products in September decreased by 23.3 percent in quantity to 1.1 million tons compared to the same month of the previous year, and decreased by 31.1 percent in value to 780.1 million Dollars.

In the January-September period, exports decreased by 39.7 percent in quantity to 7.5 million tons and 47.4 percent in value compared to the same period in 2022, reaching $6.1 billion.

IMPORTS INCREASED BY 11 PERCENT

Imports of steel products increased by 10.9 percent in terms of quantity to 1.2 million tons in September compared with the same month a year earlier. In value terms, imports decreased 5.8 percent to $1.1 billion.

Imports reached 13.6 million tons in the January-September period, an increase of 20.4 percent in terms of quantity compared to the same period in 2022. In value terms, imports decreased by 5.2 percent. cent up to 11.7 billion dollars.

The export-import coverage ratio, which was 93.8 percent in the nine months of last year, was recorded at 52.1 percent in the same period this year.

CUSHIONING RESEARCH WAS POSITIVELY WELCOME

TÇÜD Secretary General Veysel Yayan told AA correspondent that China and India, which are the world’s two largest steel producers and increased their production by 1.7 percent and 11.6 percent, respectively , in the nine-month period, played an important role in the increase in global production.

Yayan stated that China turned to export markets due to the contraction of demand in its domestic market, and that it exported 2.7 million tons of steel products to Turkey, with an increase of 65 percent, and that this was effective in increasing Turkey’s total steel product. Imports amounted to 13.6 million tons.

Noting that there is a stagnation in demand for steel in the European Union (EU) market, to which Turkey exports the most, due to the energy crisis, high inflation and restrictive economic conditions, Yayan said this also led to a decrease in exports. to the region. (AA)