According to the Turkey's Steel Exporters' Association (CIB), the slowdown in the global economy, the falling demand from export markets and the general falling prices of commodities in international trade had a negative effect on Turkey’s steel exports in the first half of the current year. In the first half, Turkey's total steel product exports amounted to 10 million metric tons with a slight decrease of 0.5 percent compared to the same period last year. However, the revenue generated by these exports in January-June decreased by seven percent year on year, totaling $7.5 billion. The CIB noted that the decrease in the steel export value was mainly due to the low commodity prices.
In the first half of the current year, the Middle East was Turkey's largest destination for steel exports, receiving 4.1 million metric tons. In the given period, Turkey's steel product exports to the EU amounted to 1.6 million mt, while North Africa imported 1.1 million mt of steel products from Turkey.
Compared to the same period last year, the largest increases in Turkey's steel exports in the first half this year were recorded in volumes to EU countries, Asia and the non-EU countries of Europe. In the first half, exports of rebar, which ranks first among the country's exported steel products in terms of volume, amounted to 4.4 million mt, while Turkey exported 1.2 million mt of steel billet, 920,000 mt of steel pipe, 913,000 mt of hot rolled flat steel and 832,000 mt of steel sections in the period in question.
Meanwhile, in June this year, Turkey's total steel product exports amounted to 1.5 million metric tons, falling 10.1 percent month on month and down 20.7 percent compared to the same month of the previous year, with a total revenue of $1.1 billion, falling 22.9 percent compared to the previous month,.
The Middle East was Turkey's largest destination for steel exports in June this year, receiving 581,000 metric tons, followed by EU countries and North Africa with 275,000 mt and 160,000 mt respectively. The most exported steel product in the given month in terms of volume was rebar with 661,000 mt, followed by 183,000 mt of steel pipe, 127,000 mt of steel billet, 123,000 mt of steel section and 120,000 mt of hot rolled flat steel.
