Turkiye Raw Steel Production Sees 24.7% Yearly Increase in January

The Turkish Steel Producers Association (TÇÜD) has disclosed the raw steel production, consumption, and foreign trade data for the month of January.

According to the data, raw steel production in January surged by 24.7% compared to the same month last year, reaching 3.2 million tons.

During the same period, the consumption of final steel products recorded a 19.5% increase, totaling 3.5 million tons.

Foreign Trade Data In January, steel product exports showed a yearly increase of 23% in quantity, reaching 894.7 thousand tons, with a 10.1% rise in value, totaling 662.1 million dollars.

Analyzing the subcategories of exports for January, flat products exhibited an 89.1% increase, amounting to 347.8 thousand tons, while long products saw a 2% rise, reaching 536.7 thousand tons. Semi-finished products, on the other hand, experienced a 41.3% decrease, reaching 10.2 thousand tons compared to the same period last year.

Imports, in terms of quantity, showed a 12.4% increase, reaching 1.4 million tons, while in terms of value, there was a 1.6% decrease, totaling 1.1 billion dollars.

Breaking down the import subcategories for January, flat products exhibited an 8.8% increase, reaching 735.9 thousand tons, semi-finished products saw a 32.1% rise, reaching 549.3 thousand tons, and long products decreased by 29.1%, totaling 98.8 thousand tons.

The foreign trade deficit in steel products for January decreased by 16%, dropping from 490.8 million dollars to 412.3 million dollars compared to the same period last year. The export-to-import ratio increased by 6.5 percentage points on a yearly basis, rising from 55.1% to 61.6%.

“China poses a threat to our sector” Veysel Yayan, the General Secretary of TÇÜD, expressed his views in the statement, mentioning that the expected reduction in interest rates in the European Union (EU) from the second quarter onwards and the revival of EU steel consumption are seen as opportunities for continued export growth throughout the year.

Yayan noted that due to economic issues last year, China couldn’t grow in the domestic market, emphasizing, “The possibility of the country intensively focusing on exports and continuing to increase its exports in 2024 with state-supported and dumping prices poses a threat to the global steel sector and our sector.”

source: prepared by Melisa Beğiç

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