The Turkish Steel Producers Association has reported that Turkey's crude steel production has increased for the first time in 14 months.
Accordingly, crude steel production totaled 2.9 million tons in July, reflecting a 7.7 percent increase compared to the same month in the previous year. However, during the January-July period, the production decreased by 13.3 percent, reaching 18.8 million tons.
In July, final product consumption reached 3.4 million tons, marking a 26.9 percent increase compared to the same month the previous year. During the January-July period, final product consumption totaled 23.3 million tons, reflecting a 17.1 percent increase. On the export front, steel product exports in July decreased to 851.7 thousand tons, a 27.4 percent drop in quantity compared to the same month the previous year. Additionally, the value of these exports fell to $675.5 million, signifying a 40.2 percent decrease.
During the January-July period, when compared to the same period in 2022, exports amounted to 5.3 million tons, representing a 44.2 percent decrease in quantity and 4.6 billion dollars, indicating a 51.1 percent decrease in value. In contrast, steel product imports reached 1.5 million tons, marking an annual increase of 16.1 percent in terms of quantity, and 1.4 billion dollars, showing a 7.1 percent decrease in value.
The Turkish steel industry has ascended to the 8th position, following Germany
During the January-July period, imports reached 11 million tons, marking a 22 percent increase compared to the same period in the previous year. The total value of these imports amounted to 9.5 billion dollars, indicating a 4.7 percent decrease. The coverage ratio for this period dropped to 48 percent. Turkey's crude steel production experienced a notable increase in July, marking the first growth in 14 months. As a result of this surge in production, the Turkish steel industry has now secured the 8th spot, surpassing Germany. According to reports, Turkey's steel product imports from China have surged by 84 percent in the first seven months of the year, prompting calls for measures to prevent China from flooding the Turkish market with surplus steel.