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From January to September 2024, the output of Kardemir crude steel in Türkiye will increase by 3.7% year on year, reaching 1.93 million tons. However, due to weak market demand, Kardemir's steel sales have declined.
Specifically, the sales volume of Kardemir SPA-H steel hot-rolled coils decreased by 3.6% year-on-year to 1.03 million tons, while the sales volume of billets increased by 10% to 677000 tons. In response to changes in market demand, Kardemir increased the capacity utilization rate of its smelters to 73.6% in the first three quarters of 2024, an increase from 71% in the same period of 2023.
Due to the still weak SPA-H steel market demand in the fourth quarter of 2024, Kardemir has decided to lower its overall steel sales target for the fourth quarter to 558000 tons, a decrease of 9.5% from the third quarter. Among them, the sales target for square billets has been lowered to 215000 tons. The sales target for wire has been lowered to 72000 tons, while the sales target for profiles has been lowered to 109000 tons. But the sales target for rebar remains stable at 162000 tons.
On November 11, 2024, the price of rebar exported by Türkiye SPA-H steel was 585 US dollars/ton FOB, down 4 US dollars/ton from the previous day.
