Turkey: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in Turkey

In 2021, the Turkish market for raw steel and steel semi-finished products increased by 8.9% to $X, rising for the second consecutive year after six years of decline. In general, consumption, however, showed a mild decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in Turkey

In value terms, production of raw steel and steel semi-finished products stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a pronounced decrease. Production of peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Turkey

In 2021, the amount of raw steel and steel semi-finished products exported from Turkey soared to X tons, with an increase of 113% compared with 2020. Overall, exports, however, saw a deep setback. The pace of growth appeared the most rapid in 2017 when exports increased by 218% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a noticeable contraction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Morocco (X tons), Peru (X tons) and Tunisia (X tons) were the main destinations of exports of raw steel and steel semi-finished products from Turkey, together accounting for 72% of total exports. These countries were followed by Guatemala, Germany, Ethiopia, the Dominican Republic, Italy, Egypt, Iran, Saudi Arabia and Bangladesh, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Guatemala (with a CAGR of +46.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Morocco ($X) remains the key foreign market for raw steel and steel semi-finished products exports from Turkey, comprising 30% of total exports. The second position in the ranking was taken by Peru ($X), with an 11% share of total exports. It was followed by Germany, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Morocco stood at +32.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+18.3% per year) and Germany (+16.4% per year).

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, surging by 76% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for raw steel and steel semi-finished products increased by +85.2% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Turkey

In 2021, purchases abroad of raw steel and steel semi-finished products increased by 97% to X tons, rising for the third consecutive year after five years of decline. Overall, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 590%. Over the period under review, imports of attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, imports of raw steel and steel semi-finished products surged to $X in 2021. In general, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) constituted the largest raw steel and steel semi-finished products supplier to Turkey, with a 67% share of total imports. Moreover, imports of raw steel and steel semi-finished products from Russia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), threefold. The UK (X tons) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from Russia totaled +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+2.9% per year) and the UK (-7.0% per year).

In value terms, Russia ($X) constituted the largest supplier of raw steel and steel semi-finished products to Turkey, comprising 53% of total imports. The second position in the ranking was held by Ukraine ($X), with a 19% share of total imports. It was followed by Indonesia, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value from Russia totaled +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+1.8% per year) and Indonesia (+424.6% per year).

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, with an increase of 53% against the previous year. In general, the import price recorded mild growth. The pace of growth appeared the most rapid in 2015 an increase of 112%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+20.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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