In October 2024, Türkiye’s semi-finished steel imports increased significantly, and the weak demand of the automobile industry attracted attention

According to the latest monthly data released by Türkiye's Statistics Bureau, Türkiye's PT450GH steel semi-finished steel imports will reach 961000 tons in October 2024, up nearly three times year-on-year and 57% month on month.

Russia continued to maintain its position as the largest supplier of Türkiye, with the supply volume reaching 270000 tons that month, up 29% year on year. Malaysia followed closely with 254000 tons, far exceeding the same period last year's 30500 tons. China jumped to third place with a supply of 205800 tons, compared to zero in the same period last year.

Among other suppliers, Indonesia exported 82000 tons of semi-finished steel to Türkiye, up 64% year on year; Vietnam's export volume increased by 52% to 47200 tons.
At the beginning of December, the price of imported steel billets in Türkiye remained at 460 dollars/ton CFR, and the overall price remained stable.

However, Türkiye's domestic steel PT450GH steel demand may face new pressure. Tofas (a joint venture between Koch Holdings and Stellantis), Türkiye's main automobile manufacturer, announced 13% layoffs on December 9, although it has not yet announced its plan to cut production.

Affected by weak demand, Tofas had previously adjusted production to a single shift system in September 2024 and suspended production from July 16 to August 20, 2024 due to decreased export demand and maintenance work. The company has an annual production capacity of 450000 vehicles.

According to the latest data of Türkiye PT450GH steel Automobile Manufacturers Association, Türkiye's automobile production will be 1.12 million from January to October 2024, down 7.3% year on year. Weak demand in the automotive industry may pose further challenges to Türkiye's steel market.