Turkey: July steel exports value hits record high on EU demand

The value of Turkey’s steel exports rose 24% year on year to a record high of $1.4 billion in July due to EU demand, Mediterranean Ferrous and Non-Ferrous Metals Exporters’ Union Chairman Fuat Tosyali said Aug. 28 without citing tonnages.

“Especially Mediterranean-based Turkish steel producers increased their exports significantly, by 171% on the year, to $259 million in July,” said Tosyali, who is also CEO of major steelmaker Tosyali Holding.

Steel exports to some EU countries, particularly Italy and Spain, increased substantially in July despite EU quotas, he said, adding that Turkey’s higher steel production also supported exports. The chairman expects the market to be more buoyant in Q4.

Tosyali Holding’s 4 million metric tons per year quantum electric arc furnace-based flat steel mill started production in January, while some other large producers also recently increased steel capacities.

Turkey’s January-July crude steel production rose 14.9% on the year to 21.7 MMt, according to World Steel Association data.

Platts, part of S&P Global Commodity Insights, assessed Turkish HRC at $570/mt ex-works Aug. 23, down 20% since the start of 2024.

Cenk Can

spglobal.com