Turkey: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Turkey

In 2022, the Turkish market for iron or steel wire products increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, showed a noticeable decline. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Iron or Steel Wire Products in Turkey

In value terms, iron or steel wire product production declined dramatically to $X in 2022 estimated in export price. Over the period under review, production continues to indicate significant growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Iron or steel wire product production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Iron or Steel Wire Products

Exports from Turkey

In 2022, after six years of growth, there was significant decline in shipments abroad of iron or steel wire products, when their volume decreased by X% to X tons. In general, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, iron or steel wire product exports shrank slightly to $X in 2022. Over the period under review, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. The exports peaked at $X in 2021, and then contracted modestly in the following year.

Exports by Country

Belgium (X tons), the UK (X tons) and Poland (X tons) were the main destinations of iron or steel wire product exports from Turkey, together accounting for X% of total exports. Mali, Azerbaijan, Israel, Cameroon, France, Germany, Spain, Morocco, the United States and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mali (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel wire product exported from Turkey were Belgium ($X), the UK ($X) and Germany ($X), with a combined X% share of total exports. Poland, the United States, Azerbaijan, Israel, Spain, France, Mali, Morocco, the United Arab Emirates and Cameroon lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Mali, with a CAGR of X%, saw the highest growth rate of the value of exports, 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 iron or steel wire products stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, recorded a deep slump. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Cameroon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mali (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Wire Products

Imports into Turkey

In 2022, purchases abroad of iron or steel wire products increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, iron or steel wire product imports soared to $X in 2022. Overall, imports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Czech Republic (X tons), China (X tons) and Germany (X tons) were the main suppliers of iron or steel wire product imports to Turkey, with a combined X% share of total imports. Italy, Poland, Croatia, France, Egypt, Belgium, South Korea and Sweden lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the Czech Republic ($X) and Germany ($X) were the largest iron or steel wire product suppliers to Turkey, together comprising X% of total imports. Italy, Poland, France, Croatia, Egypt, Belgium, South Korea and Sweden lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Croatia, with a CAGR of X%, saw the highest growth rate of 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 2022, the average import price for iron or steel wire products amounted to $X per ton, rising by X% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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