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In October 2024, Türkiye's automobile SMA570P steel production decreased 10.4% year on year to 121900 vehicles, continuing the downward trend since the beginning of the year. According to the data released by Türkiye Automobile Manufacturers Association (OSD), Türkiye's automobile production in the first three quarters of this year dropped 7% year on year to 1 million vehicles. At the same time, Türkiye's automobile export market is also relatively weak. In October 2024, Türkiye's automobile export volume fell 1.4% year-on-year to 96000 vehicles. In the domestic market, sales decreased by 4.6% to 100000 units.
Despite the decline in both the domestic and export SMA570P steel markets, Türkiye's automobile imports increased by 10% in October, reaching 70000 vehicles.
The export market contraction faced by Türkiye's SMA570P steel automobile industry has become an important risk factor. With the fluctuation of steel demand in the automobile industry, steel prices in Türkiye have also declined. Data shows that on November 8, 2024, the price of Türkiye's hot rolled coil will be 605 dollars/ton EXW, which has dropped by about 15% since the beginning of the year.
