Turkey: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Turkey

The Turkish market for hot-rolled steel bars and rods dropped sharply to $X in 2021, which is down by -95% against the previous year. Over the period under review, consumption faced a sharp shrinkage. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Steel Bars and Rods in Turkey

In value terms, hot-rolled steel bar and rod production totaled $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2017 when the production volume increased by 17% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Turkey

In 2021, overseas shipments of hot-rolled steel bars and rods increased by 121% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports posted a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, exports recorded a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Israel (X tons), Yemen (X tons) and Singapore (X tons) were the main destinations of hot-rolled steel bar and rod exports from Turkey, together comprising 33% of total exports. Hong Kong SAR, Brazil, Peru, Canada, the United States, the Netherlands, Chile, Senegal, Romania and Australia lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +129.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel bar and rod exported from Turkey were Israel ($X), Yemen ($X) and Singapore ($X), with a combined 32% share of total exports. Brazil, Hong Kong SAR, Canada, Peru, the United States, the Netherlands, Romania, Chile, Senegal and Australia lagged somewhat behind, together accounting for a further 32%.

Hong Kong SAR, with a CAGR of +125.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, jumping by 49% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Romania ($X per ton) and the United States ($X per ton), while the average price for exports to Singapore ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+1.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Turkey

In 2021, approx. X tons of hot-rolled steel bars and rods were imported into Turkey; picking up by 74% against 2020 figures. In general, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Overall, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Spain (X tons) and Germany (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Turkey, together comprising 49% of total imports. These countries were followed by Italy, Iran, Japan, South Korea, China, France, the UK, Egypt, Austria and Romania, which together accounted for a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iran (with a CAGR of +39.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod suppliers to Turkey were Spain ($X), Russia ($X) and Germany ($X), together comprising 48% of total imports. These countries were followed by Italy, Japan, South Korea, China, Iran, France, Austria, the UK, Egypt and Romania, which together accounted for a further 42%.

In terms of the main suppliers, South Korea, with a CAGR of +38.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, surging by 40% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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