The raw steel production in Turkey rose to 3.1 million tons in August, showing a 13.9% increase compared to the same month last year. Turkey Steel Producers Association (TÇÜD) revealed the data on steel production, consumption, and foreign trade for the month of August. Accordingly, raw steel production in Turkey in that month increased by 13.9% to 3.1 million tons compared to the same month last year. During the period of January-August, the production reached 24.8 million tons, showing a 14.8% increase. The final product consumption increased by 7.8% to 3.1 million tons in August, but decreased by 4.7% to 24.9 million tons in the January-August period compared to the same period in 2023.

Exports of steel products increased by 11.8% in quantity to 1.2 million tons and by 9.3% in value to 844.7 million dollars in August. Due to the slowdown in August exports, the increase in steel product exports, which was 45.3% in the January-July period, decreased to 39.8% in the eight-month period. In terms of value, it reached 6.5 billion dollars, showing a 22.8% increase.

Imports decreased by 0.7% in quantity to 1.3 million tons and by 9.2% in value to 1 billion dollars in August compared to the same month last year. During the January-August period, imports decreased by 13.3% in quantity to 10.7 million tons and by 19.7% in value to 8.5 billion dollars compared to the same period in 2023. The export-to-import ratio, which was 49.9% in the same period last year, increased to 76.5% in the same period this year.

Global raw steel production decreased by 6.5% to 144.8 million tons in August 2024 compared to the same month in the previous year, according to data released by the World Steel Association (worldsteel). The world’s steel production in the January-August period reached 1.2 billion tons, showing a 1.5% decrease. During this period, China’s raw steel production declined by 3.3% to 691.4 million tons compared to the same period in 2023, while India’s production increased by 6.5% to 98.5 million tons, and Japan’s production decreased by 2.9% to 56.7 million tons.