TURKEY DATA: Q1 sections exports rise 12% on year on market diversification

Turkish mills’ sections exports in the first quarter of 2022 hit 500,000 mt, up 12% year on year, as market diversification supported export volumes, according to the latest monthly Turkish Statistical Institute data sent to S&P Global Commodity Insights.

Morocco was Turkey’s top sections export destination in Q1 at 49,300 mt, up 48% on the year, while Egypt became the second largest export destination at 37,000 mt, up 67% year on year.

Turkish mills’ sections exports to Canada reached 33,500 mt, sixfold higher than Q1 2021, while exports to Romania totaled 26,200 mt, up 85%.

Other top export markets in Q1 were the UK at 25,800 mt, Israel at 22,300 mt, Peru at 16,500 mt, Senegal at 13,500 mt, Yemen at 13,400 mt, Greece at 12,200 mt, Malaysia at 12,000 mt, Dominican Republic at 10,800 mt, Argentina at 10,500 mt and Bulgaria at 10,000 mt.

The revenue generated from the exports also climbed year on year on globally higher steel pricing.

Turkey’s long steel export prices rose notably throughout Q1, especially after the collapse of the CIS region’s supply chain after Russia invaded Ukraine.

Turkish mills’ rebar export price rose to $970/mt FOB on March 24, $280/mt higher than the Dec. 31 assessment, according to the Platts assessment from S&P Global, although prices have gradually declined to $760/mt FOB on May 27, due to slowing demand and lower imported scrap prices.

— Cenk Can