TÇÜD: Türkiye's crude steel production increased by 0.7 percent on an annual basis in October

Turkish Steel Producers Association (TÇÜD) announced steel production, consumption and foreign trade data for October.

Accordingly, in the month in question, Türkiye's crude steel production increased by 0.7 percent compared to the same month last year, reaching 3 million tons. In the January-October period, production increased by 12.4 percent and reached 30.9 million tons.

Finished product consumption increased by 19 percent in October, reaching 3.4 million tons, and decreased by 1.8 percent in the January-October period compared to the same period of 2023, falling to 31.4 million tons.

Imports declines in the January-October period

Exports of steel products decreased by 8.5 percent in quantity to 989.9 thousand tons in October, and decreased by 6.2 percent in value to 728.8 million dollars.

Compared to the same period of 2023 in the January-October period, exports increased by 30.7 percent in quantity to 11.2 million tons and 18.7 percent in value to 8.2 billion dollars.

Compared to the same month of the previous year, in October,imports were calculated as 1.7 million tons, an increase of 39.8 percent in quantity, and 1.2 billion dollars, an increase of 16.8 percent in value.

In the January-October period, compared to the same period of the previous year, imports decreased by 7.2 percent in quantity to 13.7 million tons, and in terms of value decreased by 15.6 percent to 10.7 billion dollars.

The export-import coverage ratio, which was 54 percent in the January-October period last year, increased to 76 percent in the same period this year.

"Expecting a reasonable balance to be established"

TÇÜD Secretary General Veysel Yayan’s opinions were included in the statement, stating that Türkiye ranked 9th among the world's largest crude steel producers in October and 8th in the January-October period, with the effect of the increases in crudesteel production of Brazil and Germany.

Yayan stated that the growth in the construction and automotive sectors is effective in the increase in the Turkish economy and therefore in the final steel consumption. Yayan: “We expect the decrease in exports to continue due to the contraction in world steel demand at the end of the year, while a reasonable balance will be established by controlling the high rate of increase in imports."