In May this year, Turkey’s steel exports decreased by 19.7% year on year to 1.63 million tonnes, while the value of exports increased by 11% year on year to reach $1.9 billion.
According to CIB data, Turkey’s total steel exports amounted to 8.78 million tonnes in the first five months of 2022, down by 2.6% year-on-year, while exports amounted to $9.6 billion, up by 34.6%, amid rising global steel prices.
Turkish mills’ steel export prices were high in March due to Russia’s invasion of Ukraine, boosting natural gas prices, which also raised mills’ raw material costs, as most of their inputs, like scrap, pig iron, and coal, are imported from Russia and Ukraine.
Rebar export prices rose as high as $970/mt FOB on March 24, $280/mt higher than on December 31, but have gradually declined to $745/mt FOB on June 1, amid slower demand and lower imported scrap prices.
The EU region remained Turkey’s largest export destination in January-May at $3.35 billion, up by 36.8% yearly.
The most significant rise was in shipments to Egypt, where exports totalled $430 million over January-May, up by 228% year on year.
“Shipments to Canada and Morocco rose sharply by 182% and 162% in the same period,” CIB said.
Total January-May exports reached $1,095/mt, up by 38.2% yearly.