ISTANBUL: Trkiye's crude steel production witnessed a modest rise of 0.7% year-on-year, reaching 3 million tons in November 2024, as the nation navigates through complex global market dynamics. Over the January-November period, production surged by 11.2% year-on-year, totaling 33.9 million tons, reflecting the resilience of the country's steel sector.

According to Anadolu Agency, the consumption of finished steel products saw a 14.3% increase to 3.6 million tons in November 2024. However, over the 11-month period, there was a slight decrease of 0.3% to 35 million tons compared to the same timeframe in the previous year. This indicates a dynamic market with fluctuations in domestic demand and supply.

Foreign trade metrics highlighted a robust performance in Trkiye's steel exports, which rose by 13.6% in quantity to 967,300 tons and by 15.4% in value to $709 million in November 2024. Over the broader January-November period, exports grew significantly by 29.1% in quantity, reaching 12.1 million tons, and by 15.3% in value, totaling $8.9 billion. In contrast, imports in November 2024 surged by 46.6% in quantity to 1.8 million tons, with a 19.9% increase in value to $1.2 billion, driven predominantly by a sharp rise in semi-finished and long-product imports.

Despite the November import surge, overall imports from January to November 2024 declined by 3% in quantity and 13% in value compared to the same period in 2023. The export-to-import ratio improved significantly from 54.5% in 2023 to 74.2% in 2024, indicating a strengthened export position.

Turkish Steel Producers' Association Secretary General Veysel Yayan emphasized the sector's resilience, noting the capacity utilization rate increased from 55.9% in 2023 to 62.4% in 2024. Trkiye ranked eighth globally in crude steel production during this period and demonstrated a strong recovery in export markets, despite global demand contraction.

Yayan highlighted geopolitical factors, such as tensions in the Red Sea, which have affected market dynamics, benefiting Turkish producers as they filled gaps in European market supply. He expressed optimism for 2025, anticipating that the industry will recover from previous years' losses, decrease import reliance, and seize new export opportunities, thereby contributing positively to Trkiye's current account deficit.