World crude steel production increased by 3.7% in February 2024 compared to the same period of the previous year, reaching 148 million 108 thousand tons.
In February, compared to the same month of the previous year, Türkiye increased its production by 46.6%, producing 3 million 84 thousand tons of crude steel, due to the base effect created by the February 6 earthquake, and ranked 8th, behind Germany.
Although there seems to be positive acceleration in crude steel production in recent months, considering the monthly averages, the production, which was 3.3 million tons in 2021, 2.9 in 2022, and 2.8 million tons in 2023, remains at the level of 3.2 million tons in 2024. observed. The Turkish steel industry increased its production by 34.5% in the two-month period, maintaining its title as Europe's largest and the world's 7th largest producer. With its performance in January-February, Turkey has become the country that increased its production the most among the 15 countries that produce the most in the world.
Flat product production increased by 78.7%
In February, flat product production increased by 78.7% to 1.4 million tons, while flat product consumption increased by 27.3% to 1.5 million tons. An increase of 13.9% in long product production and 4.3% in consumption was observed.
In February 2024, Turkey's exports of steel products increased by 74.6% in terms of quantity. There was an increase of 93.4% in flat products, 61.5% in long products and 268.8% in semi-finished products.
Steel product imports decreased by 9.1%
Türkiye's imports of steel products decreased by 9.1% on quantity basis in February. There was a decrease of 19.7% in flat products, 23.1% in long products, and a 13.9% increase in semi-finished products.
The export-import coverage ratio increased to 76.34%
The export-import coverage ratio, which was 55.1% in the two-month period of 2023, increased to 76.34% in the same period of 2024.
The share of imports in total steel product consumption was 38.7%. The share of imports in flat product consumption reached 54%. The share of imports within the scope of DIR in total imports was 56.2%, and the share of semi-products was 77.9%.
The largest share in our scrap imports, which increased by 36.4% in January 2024, belonged to the EU, which increased by 57.2% compared to the same month of the previous year. While scrap imports increased by 2% from the USA, 68.6% from the UK, and 885.1% from the CIS countries, a decrease was observed in imports from all other regions.
Due to the fact that consumption increased by 15.7% and imports of steel products increased by 1.5% in the first two months of 2024, the share of imports in consumption decreased by 5.7 points to 38.7% compared to the same period last year.
TÇÜD Secretary General Veysel Yayan, whose views were included; “Investments made in recent years in flat products, especially in high value-added qualified steel products such as stainless steel, armor steel, train wheels and rails, were effective in increasing flat product exports by 91.4% in February. In order to sustain this upward trend, the state-supported, dumped imports from the Far East and Middle East countries must be prevented immediately, the Inland Processing Regime application must be reviewed and emphasis must be placed on products that do not have sufficient production capacity in our country, not only for our steel industry but also for achieving the MTP targets. It is also important.”
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