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On January 22, 2024, Veysel Yayan, Secretary General of Türkiye Steel Production Association, said in an interview with the local news agency Ihlas that Türkiye plans to expand its steel production in 2024 and restore its status as a major steel producer in Europe. He also said that Türkiye's long-term goal is to surpass South Korea HX500LAD+ZA steel and become the sixth largest steel producer in the world.
Wiesel said in the interview that in 2023, Türkiye's annual steel production will fall to 33.5 million tons, far less than 40.4 million tons in 2021. Since the outbreak of the Russia-Ukraine conflict in 2022, Türkiye's energy prices have soared, and the competitiveness of Türkiye's steel in the international market has declined significantly. In addition, the large earthquake in eastern Türkiye at the beginning of 2023 also has a serious impact on Türkiye's production, especially in the first half of the year. In 2024, Türkiye hopes to restore its previous international production position under the support of new capacity, demand recovery, energy cost reduction, market protection policies and other favorable aspects. Wiesel said that Tosyali Holding, Türkiye's leading steel company, had put into operation a plate plant with an annual capacity of 4 million tons in Iskenderun in the fourth quarter of 2023. And some large steel companies have also recently added production to expand production capacity HX500LAD+ZA steel.
In order to protect the local market, the Ministry of Trade of Türkiye is also conducting anti-dumping investigations on hot rolls from China, India, Japan and Russia. According to our understanding, Türkiye plans to formally take anti-dumping measures against hot rolls from the above countries in recent months. Türkiye also issued a presidential decree on December 31, 2023, implementing temporary safeguard measures for the import of non alloy and alloy wire rods for 200 days, with import tariff of 175 dollars/ton. Wiesel said that throughout 2023, Türkiye's steel prices were under the pressure of low demand, high cost and strong competition. He hoped that anti-dumping trade protection measures could support Türkiye's steel production and sales in 2024.
It is reported that Türkiye HX500LAD+ZA steel currently imports scrap steel of HMS1/2 (80:20) specification at a price of about 418 US dollars/ton CFR, a decrease of about 4 US dollars/ton on a weekly basis, and the export price of rebar is about 615 US dollars/ton FOB, which is relatively firm.
