TÇÜD: Crude steel production increased by 11.6% in May

According to the data, Türkiye's crude steel production in May 2024 increased by 11.6% compared to the same month last year, reaching 3.2 million tons.

In the first 5 months of the year, production increased by 19.8%, reaching 15.5 million tons.

Final consumption of finished products decreased by 16.2% in May, falling to 3.4 million tons, while from January to May, there was a 2.1% decrease compared to the same period in 2023, reaching 16.1 million tons.

Steel exports increased by 45.9%

In May, the export of steel products increased by 45.9% in terms of quantity, amounting to 1.1 million tons, while in terms of value, it increased by 24.8% to 850.9 million dollars.

During the January-May period, compared to the same period in 2023, exports increased by 48.6% in quantity to 5.4 million tons and by 26.2% in value to 4.0 billion dollars.

Imports decreased by 29.1% in May

In May 2024, imports decreased by 29.1% in quantity to 1.5 million tons compared to the same month in 2023, and in terms of value, it decreased by 29.8% to 1.3 billion dollars.

During the January-May period, imports decreased by 12.1% in quantity to 7.1 million tons and by 17.5% in value to 5.6 billion dollars compared to the same period in 2023.

The export-to-import ratio, which was 46.5 from January to May in 2023, increased to 71% in the same period of 2024.

World Steel has announced that in May 2024, global crude steel production increased by 1.5% compared to the same month last year, reaching 165.1 million tons. However, in the first 5 months of the year, global steel production slightly decreased by 0.1% to 793.2 million tons.

During the first five months, China's crude steel production decreased by 1.4% compared to the same period in 2023, falling to 438.6 million tons. India, ranking second, saw a 7.7% increase in crude steel production to 61.9 million tons, while Japan experienced a 2.3% decrease to 35.7 million tons.

An evaluation conducted by the Turkish Steel Producers' Association (TÇÜD) noted that with a contribution from the 11.6% increase in crude steel production in May, Türkiye's production during the first 5 months of 2024 had increased by 19.8% to 15.5 million tons. Despite being 8th in the world for steel production, Türkiye emerged as the second country with the highest increase in production among the top 15 steel-producing countries after Vietnam in the first five months.

During the same period, our total steel product exports increased by 48.6% to 5.4 million tons. Our exports to the European Union (EU) also experienced a significant 113% increase to 1.9 million tons, matching the average of the last 5 years. However, the extension of protective measures on steel imports by the EU since 2018 until June 2026 overshadowed this positive development.

In the first 5 months of 2024, with a 2.1% decline in steel product consumption, and a 12.1% decrease in imports, the share of imports in consumption decreased to 42.6%. Particularly, the increase in high value-added product exports and the significant growth of flat product exports by 68.4% in May and 80.4% over the five-month period had a significant impact. To achieve the objectives of the National Steel Policy, it is crucial to sustain the increasing trend in steel production and exports. Measures like restricting imports from China and other Far East countries, reviewing the Inward Processing Regime, and implementing cost-reduction measures, especially in energy and raw materials, are essential to enhance competitiveness and surpass the production and export levels of 2021.