Türkiye's crude steel production saw a modest increase of 0.7% in October compared to the same month in 2023, reaching 3 million tonnes, according to the Turkish Steel Producers Association (TÇÜD).

The growth trend continued throughout the year, with production rising 12.4% year-on-year to 30.9 million tonnes in the January-October period.

Domestic consumption of finished steel products surged by 19% in October to 3.4 million tonnes. However, cumulative consumption from January to October fell by 1.8% to 31.4 million tonnes compared to the same period last year.

On the trade front, steel exports in October dropped by 8.5% in volume to 989,900 tonnes and by 6.2% in value to $728.8 million. Despite the monthly decline, exports for the January-October period grew by 30.7% in volume to 11.2 million tonnes and by 18.7% in value, reaching $8.2 billion.

Imports, meanwhile, climbed sharply in October, with a 39.8% increase in volume to 1.7 million tonnes and a 16.8% rise in value to $1.2 billion. Over the first ten months of 2024, imports dropped by 7.2% in volume to 13.7 million tonnes and by 15.6% in value to $10.7 billion compared to the same period in 2023.

The export-to-import ratio, a key indicator of trade balance in the sector, rose significantly. In the January-October period, this ratio increased from 54% in 2023 to 76% in 2024, reflecting a stronger performance in exports relative to imports.

The data underscores a mixed outlook for Türkiye’s steel industry, marked by rising production and export volumes, declining import reliance, and fluctuating domestic consumption trends. (ILKHA)