Crude steel production, consumption, and foreign trade data released

The Turkish Steel Producers Association (TÇÜD) has released the crude steel production, consumption, and foreign trade data for the November 2023 period.

Accordingly, crude steel production in November was calculated at 3 million tons, an increase of 25.4 percent compared to the same month of the previous year.

In the January-November 2023 period, said production stood at 30.5 million tons, a decrease of 6.1 percent.

Finished product consumption in November increased by 30 percent compared to the same month of the previous year to 3.2 million tons, while it increased by 18.3 percent to 35.1 million tons in the January-November period.

Foreign trade data

In November, steel product exports decreased by 3 percent in quantity to 0.8 million tons and by 19.8 percent in value to 617.9 million dollars compared to the same month of 2022.

In the 11-month period of last year, exports stood at 9.4 million tons in quantity, a decrease of 34.4 percent, and 7.5 billion dollars in value, a decrease of 43.4 percent, compared to the same period of the previous year.

Steel product imports in November increased by 12.4 percent in quantity to 1.2 million tons and decreased by 0.1 percent in value to 1 billion dollars compared to the same month of 2022.

In the January-November period, imports were recorded at 16 million tons in quantity, an increase of 18.3 percent, and 13.7 billion dollars in value, a decrease of 4.9 percent, compared to the same period of the previous year.

The export-to-import coverage ratio, which was 91.6 percent in the January-November period of the previous year, fell to 54.5 percent in the same period of 2023.

According to the TÇÜD statement, significant increases in production and export figures are projected for 2024, thanks to new capacities that came online in the second half of 2023.

News Source: 12punto