The country's steel exports decreased by 31% y/y
Turkey increased its consumption of rolled products by 17.1% in 2023 compared to 2022, to 38.1 million tons. This is evidenced by data from the Turkish Steel Association (TCUD) in reports published by SteelOrbis .
The country's steel exports decreased by 30.6% y/y – to 10.5 million tonnes over the year. Export revenue decreased by 40.7% – to US$8.3 billion. Steel imports to Turkey in 2023 increased by 15.5% year-on-year – to 17.1 million tonnes, while import costs decreased by 6.1% year-on-year – to $14.6 billion. Thus, the ratio between exports and imports decreased to 56.6%, from 89.6% in 2022.
According to the TCUD, the Turkish authorities should facilitate the introduction of protective measures against imports of steel products into the country at dumped prices. This will help stabilize the steel sector and support production. The Association predicts that domestic demand for steel will grow in 2024, supporting investments and new capacities that were launched in the second half of 2023.
Furthermore, according to the association, the crisis in the Red Sea, higher freight prices and geopolitical risks could negatively affect Turkey 's export markets. Therefore, given the EU's protective measures and potential obligations under the CBAM, efforts to increase its presence in emerging markets, including North Africa, are becoming important for the domestic steel industry.
As previously reported, Turkey reduced steel production by 4% in 2023 compared to 2022 to 33.714 million tons. The country's average monthly steel production in 2023 was 2.81 million tons, down 4.04% y/y. The country maintained 7th position in the world ranking of steel producers WorldSteel.
