Türkiye’s exports of hot rolled plates declined in October, and the annual growth rate remained strong

In October 2024, Türkiye's X12Ni5 steel exports of hot rolled plates will be 159400 tons, down 18% year on year and 30% less than that in September. The main reason for this change is the decrease in demand in the European market, especially the significant decrease in imports from Spain. However, the total export volume from January to October 2024 still increased significantly compared to the same period last year, reaching 2 million tons, a year-on-year increase of 83%.

In terms of export market, Europe is still the main destination of Türkiye's hot rolled plate. In October 2024, Europe's imports will be 82100 tons, accounting for 52% of Türkiye's total exports, down 8% year on year. Despite the decline in October, Türkiye's exports to Europe will reach 1.3 million tons from January to October 2024, accounting for 64% of the total exports.

At the same time, demand in the Middle X12Ni5 steel East and North Africa (MENA) region has significantly decreased. In October 2024, Türkiye's export volume to MENA will be 47800 tons, a year-on-year decrease of 44%, accounting for 30% of the total export volume. This change is partly due to the increased competitiveness of Asian suppliers in the region. The high cost of Türkiye makes the price no longer advantageous and it is difficult to compete with Asian related products.

On the other hand, Türkiye's exports to CIS countries have increased significantly. In October 2024, Türkiye's exports to the CIS countries reached 26600 tons, accounting for 17% of the total exports, most of which went to Ukraine.

In general, although Türkiye's exports of hot rolled plates declined in October, the exports of hot rolled plates from January to October 2024 still maintained a strong growth. The European market is still the main export market of Türkiye's hot rolled flat steel, while the demand in Central and Northeast Africa fluctuated, and the CIS market showed strong growth. It is expected that Türkiye's steel producers will continue to face the competitive pressure of Asian related products, and need to strengthen the development of emerging X12Ni5 steel markets to maintain the momentum of export growth.