Turkish Crude Steel Production Surges by 46.6% in February, Reaching 3.1 Million Tons

Turkiye’s crude steel production increased by 46.6% in February compared to the same month last year, reaching 3.1 million tons.

According to the production, consumption and foreign trade data for February announced by the Turkish Steel Producers Association (TCUD), Turkiye’s crude steel production in the said month increased by 46.6% compared to the same month of the previous year and reached 3.1 million tons. Crude steel production increased by 34.5% in the first 2 months of the year, reaching 6.3 million tons.

Finished steel consumption increased by 11.8% on an annual basis in February to 2.9 million tons, and in the January-February period, it increased by 15.7% to 6.4 million tons.

Exports of steel products increased

In February, exports of steel products were recorded as 1.2 million tons, an increase of 74.6% on an annual basis in terms of quantity, and $849.9 million, an increase of 47.2% in terms of value.

In the January-February period, compared to the same period of the previous year, exports increased by 48.6% in quantity to 2.1 million tons and increased by 28.3% in value, reaching $1.5 billion.

Imports declined

In February, imports of steel products were calculated as 1.1 million tons, with a 9.1% decrease on quantity basis, and $905.7 million, with a 13.4% decrease on value basis, compared to the same month of 2023.

In the first 2 months of the year, imports increased by 1.5% in quantity compared to the same period last year, reaching 2.5 million tons, and decreased by 7.3% in value, reaching $2 billion.

The export-import coverage ratio of the product, which was 55.1% in the January-February period last year, increased to 76.3% in the same period this year.

“Measures should be implemented in Turkiye as well”

TCUD Secretary General Veysel Yayan, whose views were included in the statement, stated that the Turkish steel industry grew by 16.5% in the last quarter of 2023, leading to the expectation that the positive process will continue in 2024.

Yayan stated that in order for the increase to be sustained and the sector to achieve its set targets, the effective measures taken by many countries, as well as the USA and the EU, to protect their steel sectors should also be implemented in Turkiye, adding:

“There is a need to control imports from Far Eastern countries, especially China, which has become the largest supplier and has increased its exports to Turkiye exponentially with its state-supported and dumped prices. There is a need to take the necessary measures to ensure that the Turkish industry moves away from its production structure based on imported inputs and transforms into a structure that contributes to employment and economic growth by increasing domestic added value.”

Source: Trthaber / Prepared by Irem Yildiz

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