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Turkey recorded a significant increase in crude steel production in the first four months of 2024, consolidating its position in the global steel industry landscape. According to the Turkish Steel Producers’ Association (TCUD), crude steel production in the country grew by 4.4 per cent year-on-year in April alone, reaching 2.8 million tonnes.
Overall, in the January-April period, production reached 12.3 million tonnes, marking an impressive 22.1% increase over the same period last year. This result places Turkey as the eighth largest crude steel producer in the world, with the strongest increase in production recorded during the period.
Growing consumption and exports
Despite a 14% drop in finished steel consumption in April alone to 3.05 million tonnes, consumption in the first four months of 2024 saw a slight increase of 2.4% to 12.7 million tonnes. This reflects stable domestic demand and a growing export capacity of the Turkish steel sector.
In April, Turkey’s steel exports increased 64.6% to 1.03 million tonnes, valued at $769.5 million, up 36.4% year-on-year. Notable increases were recorded in exports of flat, long and semi-finished products, with growth of 98.6%, 36.9% and 397.5% respectively.
In the first four months of the year, total steel exports reached 4.2 million tonnes, up 49.4%, while the value of exports rose 26.7% to $3.1 billion.
Long Steel Products Turkey – euro/ton – Powered by Commodity Evolution
Declining Imports
Bucking the trend of exports, Turkey’s steel imports declined in April, dropping 12.4% to 1.5 million tonnes, with the value falling 18.5% to $1.2 billion.
In the first four months of 2024, imports decreased by 5.9 per cent to 5.5 million tonnes, while the value of imports dropped by 12.9 per cent to $4.3 billion. The share of imports in domestic steel consumption stood at 42.3%, reflecting an increased ability of the domestic sector to meet domestic demand.
Flat Steel Products Turkey – euro/ton – Powered by Commodity Evolution
Improved Trade Balance
Thanks to an increase in exports and a decrease in imports, Turkey’s steel export/import ratio rose to 73.4 % in January-April. This improvement in the trade balance is a positive sign for the Turkish steel industry, demonstrating increasing competitiveness in international markets.
Conclusions
The remarkable growth of crude steel production in Turkey in the first four months of 2024 is an indicator of the robustness and adaptability of the country’s steel industry.
Despite global and local challenges, the industry has been able to capitalise on market opportunities, increasing production and strengthening its international presence. With a continued focus on innovation and efficiency, Turkey is well positioned to maintain and possibly improve its position among the world’s leading crude steel producers.
