Turkiye Crude Steel Production Increased by 11.6% Year-on-Year in May

The Turkish Steel Producers Association (TÇÜD) has released data on steel production, consumption, and foreign trade for May.

According to the data, Turkey’s crude steel production in May increased by 11.6% compared to the same month last year, reaching 3.2 million tons. In the first five months of the year, production rose by 19.8% to 15.5 million tons.

Final product consumption decreased by 16.2% in May to 3.4 million tons, and it fell by 2.1% to 16.1 million tons in the January-May period compared to the same period in 2023.

Exports of Steel Products Increased in Quantity and Value Steel product exports in May increased by 45.9% in quantity to 1.1 million tons, and by 24.8% in value to $850.9 million.

Exports in the January-May period rose by 48.6% in quantity to 5.4 million tons, and by 26.2% in value to $4 billion compared to the same period in 2023.

Imports Decreased Imports in May decreased by 29.1% in quantity to 1.5 million tons, and by 29.8% in value to $1.3 billion compared to the same month last year.

In the January-May period, imports fell by 12.1% in quantity to 7.1 million tons, and by 17.5% in value to $5.6 billion compared to the same period in 2023.

The export-to-import ratio, which was 46.5 in the January-May period last year, rose to 71% in the same period this year.

“The Inward Processing Regime Needs to Be Reviewed” TÇÜD Secretary General Veysel Yayan, whose views were included in the statement, noted that with the increase in crude steel production in May, Turkey ranked 8th in world steel production and was the second country after Vietnam with the highest increase in production among the world’s top 15 producing countries in the first five months of the year.

Yayan pointed out that exports to the EU reached 1.9 million tons in the first five months of the year, a 113% increase, but this rise was overshadowed by the EU’s decision to extend the protective measures implemented since 2018 until June 2026. He stated:

“In order to maintain the upward trend in steel production and exports, which is crucial for achieving the Medium-Term Program targets, and to surpass the production and export levels of 2021, it is important to limit imports from China and other Far Eastern countries, review the inward processing regime, and take measures to reduce input costs, especially energy, to enhance competitiveness.”

source: aa.com.tr/ prepared by Melisa Beğiç

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