News Column

Turkey's steel exports fall 7.3% y/y to 1.4mn tonnes in January.

February 5, 2014

Turkey's steel exports fell 7.3% y/y to 1.4mn tonnes in January due to unfavorable market conditions, data of the Steel Exporters' Assembly (CID) showed on Tuesday. In terms of value, steel exports also declined by 3.2% y/y to USD 1.1bn in the first month of the year. The decline in commodity prices, political turmoil in Turkey's major steel export markets, and antidumping probes continued to affect steel exports in January, Namik Ekinci , head of the trade group said. The Middle East was still Turkey's major export market in January followed by the EU and the North Africa . Iraq had the largest share in Turkish steel exports in the month followed by Yemen and Israel . Turkey's steel exports fell 7.3% y/y to 18.4mn tonnes in 2013 and also declined by 10.6% y/y to USD 13.9bn last year. The Middle East was Turkey's major export market with shipments amounting to 7.4mn tonnes followed by Africa with 3.3mn tonnes. Turkish steelmakers exported 2.8mn tonnes of steel to both the EU and the Americas last year. In December 2013valone, in terms of volume steel exports declined 3.9% y/y to 1.5mn tonnes while revenues fell 3.5% y/y to USD 1.2bn , according to the trade group. Last month, Namik Ekinci said Turkey's steel exports would be around 18.5mn tonnes in 2014. Last week, Veysel Yayan, secretary general of the Steel Producers' Association of Turkey (TCUD), announced that Turkey's crude steel production declined by 3.4% y/y to 34.65mn tonnes in 2013 and output was expected to increase by 8% y/y to 37.5mn tonnes this year. Turkey's crude steel exports are expected to rise by 8% y/y to 20.5mn tonnes in 2014, according to Yayan. Turkey's crude steel consumption rose by 10% y/y to over 31mn tonnes in 2013 and consumption is expected to rise a further 6% y/y to 33mn tonnes in 2014, Yayan said.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: IntelliNews - Weekly Reports

Story Tools