Turkey’s crude steel production climbed by 11.6pc to 3.2mn mt in November 2020 compared from a year ago, according to the Turkish Steel Producers Association (TCUD). Finished steel consumption firmed up by 8.8pc to 2.6mn mt in the same period.
In January-November 2020, crude steel output rose by 4.9pc to 32.4mn mt compared to the same period in 2019 while consumption rose by 15.5pc to 27mn mt. Domestic industries in Turkey consumed 83pc of total steel in this period.
Steel exports rose by 30.3pc in value to $818mn in November 2020 against the same month in 2019 as volumes increased by 25pc to 1.5mn mt. November finished steel encountered input price increases of 20pc as scrap prices firmed. Exports declined in profitability but were made on contractual obligation.
Steel imports were worth $770mn in November 2020, up by 23pc to compared to the same month in 2019, as import volumes rose 23pc as well to 1.1mn mt against the same month last year. Despite 9.5pc higher Imported steel volumes, value decreased by 1.8pc to $7bn in January-November 2020 on an annual basis.
Turkey’s foreign trade balance, as a ratio of exports to imports, slipped down to 108.6pc in the year till November 2020 against 124.9pc in the same period in 2019.