According to the data of Türkiye Steel Producers Association, in October 2023, Türkiye's crude steel output will be 3 million tons, up 4.1% year on year. From January to October, the crude steel production was 27.5 million tons, a year-on-year decrease of 8.8%. In October, Türkiye's consumption of finished
S550GD+ZM steel was 2.9 million tons, up 4% year on year. From January to October, the consumption of finished steel products was 31.9 million tons, a year-on-year increase of 17.1%.
In terms of exports, in October, Türkiye's steel exports increased by 3.9% year-on-year to 1.1 million tons. Calculated by monetary value, exports decreased by 8.2% year-on-year to 780.2 million US dollars. The country's export volume decreased by 36.4% year-on-year from January to October, reaching 8.5 million tons. Calculated by monetary value, exports decreased by 44.7% year-on-year to $6.9 billion. In terms of imports, in October, Türkiye's
S550GD+ZM steel imports increased by 3.1% year on year to 1.2 million tons. In terms of monetary value, imports decreased by 5.2% year-on-year to 1 billion US dollars. From January to October, the country's steel imports increased by 18.8% year-on-year, reaching 14.8 million tons. In monetary terms, imports decreased by 5.2% to 12.7 billion US dollars. In addition, from January to October, the ratio of steel import and export in Türkiye fell to 54.0% from 92.7% in the same period last year.
Since April, Türkiye's crude steel output has entered the consolidation stage, and began to increase in the third quarter, and continued this trend in October. This growth is attributed to the new production capacity put into operation since the second half of 2023. However, even in the highest production months, Türkiye's crude steel production is still lower than the average level of the past three years. In addition, the increase in import
S550GD+ZM steel volume in the first 10 months of 2023 indicates that the country's steel consumption is mostly met by foreign suppliers. Türkiye Steel Producers Association said that while creating a new balance in the economy, it will take measures similar to those of the European Union and the United States, and ending import growth is crucial for Türkiye's steel industry and national economy.
