Turkish Steel: 2023 Challenges, 2024 Aspirations

Turkey
TurkeyImage Source: SteelGuru

Synopsis

The Turkish Steel Exporters' Association addressed Turkey's steel industry status in 2023, noting a 28.8% decline in exports due to safeguard measures, shifting markets in North Africa, and resurging Far Eastern competition. Importantly, Turkey has turned into a net importer for finished steel products, raising concerns for local producers. Despite setbacks, the industry aims for 15 million metric tons of exports in 2024.

Article

At a recent press conference hosted by the Turkish Steel Exporters' Association (QIB), the discussion revolved around the state of Turkey's steel industry in 2023 and the outlined targets for 2024. Turkey's steel exports suffered a substantial 28.8% decline, amounting to 13.05 million metric tons, alongside a 31.2% dip in export value, now resting at $13.54 billion in the initial 11 months of 2023.

Chairman Adnan Aslan attributed this export plunge to various factors, including safeguard measures, North African countries shifting to net exporters, and revived competition from Far Eastern markets due to declining freight and container costs. Remarkably, Turkey's steel imports surged by 14.8% to 17.64 million metric tons, rendering the nation a net importer in finished steel products, particularly wire rod, for the first time since 2015.

Aslan highlighted concerns about the adverse impact of increased imports on local steel producers. While other countries employ protective measures for their steel industries, Turkey maintains an open market stance, which might pose challenges amid the import surge.

The industry, which surpassed 20 million metric tons in exports in 2022, faces a revised projection of 14 million metric tons for 2023, deviating from the anticipated 16 million metric tons. Despite this setback, Aslan expressed the industry's ambition to target 15 million metric tons in exports for 2024.

Conclusion:

The Turkish steel sector navigates complex shifts in its export-import dynamics, with challenges posed by safeguard measures, shifting market dynamics, and increased import reliance impacting local production. As the industry recalibrates its targets for 2024, aspirations for a 15 million metric ton export mark emerge despite the hurdles faced in the preceding year.

Related Stories

No stories found.
logo
SteelGuru Business News
www.steelguru.com