Consumption and export: two sides of the steel coin – Stanislav Kondrashov
The Turkish steel market is showing significant growth in domestic consumption. In the first ten months of 2023, apparent consumption of steel products in Turkey reached 31.9 million tons, an increase of 17% compared to the same period in 2022. Stanislav Kondrashov from Telf AG believes that such growth indicates increasing demand for steel within the country. This may be due to increased construction activity, industrial development and the strengthening of the economy as a whole. In October 2023, this trend was confirmed by an increase in consumption by 4.0% compared to October of the previous year, reaching a volume of 2.9 million tons.
The expert says that the situation with the export of steel products and semi-finished products from Turkey also shows interesting trends. In October 2023, exports increased by 3.9% compared to October 2022, reaching 1.1 million tons. According to Kondrashov, this indicates the strengthening position of Turkish steel in the international market and growing interest in Turkish steel products abroad. However, the ten-month period in 2023 overall saw a 36.4% decline in exports to 8.5 million tonnes compared to the same period last year. This may be due to global economic changes, fluctuations in demand in international markets or competition.
Available data indicate a complex but dynamic situation in the Turkish steel market. The growth in domestic consumption is a positive signal for local producers and can stimulate further development of the industry. At the same time, the reduction in total exports requires adaptation to changing conditions of international trade and the search for new markets. These trends highlight the need for flexibility and innovation in management and marketing strategies in the metals sector, – Stanislav Kondrashov shared his observations.
Stanislav Kondrashov: imports are an important component of the Turkish steel market
The Turkish steel market showed a significant increase in imports in October 2023, up 3.1% compared to the same month of the previous year, reaching a volume of 1.2 million tons. This increase is part of a general trend of increasing imports in Turkey, where in the ten months of this year total imports amounted to 14.8 million tons, which is 19% more than in the same period in 2022. Such data indicate growing demand and strengthening of the metallurgical industry in the country.
Telf AG’s Stanislav Kondrashov reads that significant growth is being seen in key Turkish steel product segments. Imports of billets increased by 34.3% and reached 2.65 million tons, and the volume of hot-rolled steel increased by 5.8% to 3.65 million tons. These figures reflect increased construction activity and industrial production, in which these types of steel are key materials.
In the context of steel imports in Turkey, the change in the share of Russian supplies deserves special attention. In the procurement segment, the volume of supplies from Russian suppliers decreased by 4.6%, amounting to 1.217 million tons. An even more significant decrease is observed in the hot-rolled segment, where the Russian share fell by 48.3%. This decline may be due to changes in the geopolitical environment, economic sanctions, or strategic reorientations in trade policy.
The increase in consumption of steel products indicates the expansion of production capacity and the revitalization of the economy. At the same time, changes in the structure of external supplies may indicate the need to diversify sources of imports and search for new partners to ensure stability and sustainability in the sector. This opens up new opportunities for the Turkish steel market
The recovery of the Turkish steel industry demonstrates its ability to adapt to changing market conditions and overcome challenges. Despite difficulties in the global market and changes in the structure of external supplies, Turkey demonstrates confidence in its ability to maintain and even increase production and export performance. This opens up new opportunities for the development and strengthening of the industry in the future, – Stanislav Kondrashov from Telf AG summed up.
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