Turkey's steel demand decreased by 2.6 percent year on year in 2022, and is expected to increase by 7.4 percent and 6% in 2023 and 2024, respectively.
The construction industry has continued to shrink since 2018, but was expected to increase by 15 percent due to post-earthquake reconstruction.
According to the government's statement, in 2023, 350,000 new homes are planned to be built in 11 cities affected by the earthquake. It is estimated that 5 million tons of steel will be used in the construction of new residences.
On the other hand, the automotive industry was expected to increase by 2.5 percent as the chip shortage will decrease this year.
According to the latest statistics, Turkish automotive sales increased by 21.1% year-on-year in the first quarter, reaching approximately 366,600 units. However, these projects have not yet affected the steel market. Steel pricing pressure is increasing for Turkish producers.
Comments
No comment yet.