TURKEY DATA: Q1 CRC exports rise 13% on year on higher demand

Turkish mills’ cold-rolled coil exports rose 13% year on year to 170,200 mt in the first quarter of 2022, on higher demand from some EU countries and the US, according to the latest monthly Turkish Statistical Institute, or TUIK, data sent to S&P Global Commodity Insights.

The revenue generated from these exports were at $186 million, 85% higher on the year, amid globally higher steel pricing.

Turkish CRC prices exceeded $1,400/mt in mid-March after the collapse of the supply chain in the Commonwealth of Independent States region due to the Ukraine war.

The prices, however, have started to decline gradually in recent weeks on slowed demand, lower import offers and the decline seen in hot-rolled coil prices.

Turkish CRC was assessed at $1,000/mt ex-works on May 20, according to S&P Global data.

According to the TUIK data, Italy remained Turkey’s main CRC export market in Q1 at 63,200 mt, up 24% on the year, while Belgium was Turkey’s second-largest CRC buyer during that period at 21,500 mt, threefold higher year on year.

The US became Turkey’s third-largest CRC customer at 19,300 mt, up from 3,700 mt in Q1 2021.

However, Turkish mills’ CRC exports to Spain dropped 45% year on year to 15,800 mt in Q1, the data showed.

— Cenk Can