Business

Turkey’s crude steel production increased in October

Turkish Steel Producers Association (TCUD) announced production, consumption and foreign trade data for October. Accordingly, crude steel production reached 3.5 million tons in October with an increase of 8% compared to the same month of the previous year.

Turkish Steel Producers Association announced production, consumption and foreign trade data for October.

Turkey’s crude steel production was 3.5 million tons in October 2021, an increase of 8.0% compared to the same month of 2020. According to the statement made by TCUD, in the January-October period, it increased by 14.2% compared to the same period of 2020 and amounted to 33.3 million tons.

In October, finished product consumption came in at 2.5 million tons with a decrease of 0.6% compared to the same month of 2020, and 27.6 million tons with an increase of 13.2% in the January-October period.

EXPORT AND IMPORT

Steel products exports amounted to 1.9 million tons with an increase of 23% in quantity and $1.8 billion in value with an increase of 124% in October, compared to the same month of the previous year. In the January-October period, compared to the same period of 2020, the amount was 16.6 million tons with an increase of 24.6%, and the value was $13.4 billion with an increase of 98.5%.

In October, imports amounted to 1.04 million tons with an increase of 7.9% in quantity, and $1.2 billion in value with an increase of 90.5%. In the January-October period, the volume increased by 24.8% to 12.9 million tons, and the value increased by 88.6% to $11.7 billion.

The ratio of exports to imports, which was 109% in the January-October period of 2020, rose to 115% in the same period of 2021.

The following information was given in the evaluation of the Turkish Steel Producers Association on the subject:

In 2020, Turkey’s steel production increased by 6 points more than the world production, amounting to 6.1%. In the first 10 months of 2021, world crude steel production increased by 5.9%, while the increase in production in Turkey was 14.2%. Considering that this trend may continue in the next 2 months, in addition to the positive situation in 2020, the increase in production in Turkey is expected to be 3 times higher than the increase in world steel production at the end of the year. Undoubtedly, this increase in production plays an important role not only in domestic but also in foreign demand. Thanks to the vitality in exports, despite all the protection measures, our industry is successful in the international market. This situation is expected to continue in the coming months. On the other hand, it is important that the ratio of exports to imports increased from 109% to 115% at a time when protection policies continue to be implemented most intensively. On the other hand, the continuation of the increase in imports causes great discomfort in the sector. Despite the decrease in domestic consumption in October, an increase of 7.9% was recorded in imports. Continuing to increase in imports despite falling consumption causes the share of our steel industry in the domestic market to decline. Following the agreement between the USA and the EU on customs tariffs on steel imports, a new era has been entered in the direction of lowering the high level of protection walls experienced in world steel trade. Following the agreement between the USA and the EU on customs tariffs on steel imports, a new era has been entered in the direction of lowering the high level of protection walls experienced in world steel trade. Considering that our general foreign trade with the USA and EU countries is in a balanced structure, considering the efforts to increase the bilateral trade volume with the USA to the level of $100 billion, It is important that the quota application between the USA and the EU is put into effect with our country and that a similar situation is implemented in our relations with the EU in the form of stretching the existing quotas.”

Source: Sabah / Translated by Irem Yildiz

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