Turkey: Iron And Steel Market 2024

Iron And Steel Market Size in Turkey

The Turkish iron and steel market rose significantly to $X in 2021, growing by 15% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Iron And Steel Production in Turkey

In value terms, iron and steel production surged to $X in 2021 estimated in export price. In general, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -16.3% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron And Steel Exports

Exports from Turkey

In 2021, the amount of iron and steel exported from Turkey fell significantly to X tons, which is down by -56.9% against 2020 figures. In general, exports saw a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 556% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, iron and steel exports declined dramatically to $X in 2021. Overall, exports saw a abrupt decline. The pace of growth was the most pronounced in 2020 when exports increased by 177% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X tons) was the main destination for iron and steel exports from Turkey, accounting for a 50% share of total exports. Moreover, iron and steel exports to Pakistan exceeded the volume sent to the second major destination, Tunisia (X tons), threefold. The third position in this ranking was taken by Morocco (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan stood at -9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+20.7% per year) and Morocco (+20.4% per year).

In value terms, Pakistan ($X) remains the key foreign market for iron and steel exports from Turkey, comprising 44% of total exports. The second position in the ranking was held by Tunisia ($X), with a 15% share of total exports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Pakistan amounted to -7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+29.2% per year) and Germany (-9.1% per year).

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, surging by 64% against the previous year. Overall, the export price posted a perceptible increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 71% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Bulgaria ($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 Tunisia (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into Turkey

In 2021, overseas purchases of iron and steel were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a mild descent. The pace of growth appeared the most rapid in 2018 when imports increased by 29%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports soared to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Ukraine (X tons) and India (X tons) were the main suppliers of iron and steel imports to Turkey, together comprising 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +537.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel suppliers to Turkey were Russia ($X), Ukraine ($X) and India ($X), with a combined 83% share of total imports.

India, with a CAGR of +463.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, growing by 74% against the previous year. In general, import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Russia ($X per ton) and India ($X per ton), while the price for South Africa ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform