Globally subdued demand affected the demand from Turkiey. Turkish Statistical Institute (TUIK) reported a decline of 32% in imports of billets and blooms from January to August, and imports reached 1.4 million tons. The import value remained US$ 1 billion in 2022 and recorded a fall of 17%.
Russia, Oman, and Ukraine have a significant share in imports of Turkiey, a minor increase of 6.4% in the imports from Oman at 98,200 tons. In contrast, imports from the other two major exporting countries have decreased, which outweighs this increase. Imports from Russia declined by 27.3%, recorded at 879,000 tons; a significant decline of 66.2% has been reported from Ukraine, and its imports reached 88,000 tons.
In July, imports of billet and bloom reported at 175,600 tons have decreased by 47% month over month, and a slide of 25% has been seen annually. The import value remained at US$118 million, with a decline of 51% compared to June 2022 and a fall of 28% recorded in imports annually.
Turkiey produced 21.6 million of steel, a decline of 6.9 % in the first seven months of Low demand for exports and high cost of production caused a reduction in capacity utilization from 75.2% in 2021 to 59.9% in 2022, which resulted in subdued demand for imports. In September, a rise of 50% in power and gas tariffs for the industrial sector will cause more decline in production.
Turkiey is the seventh-largest steel producer and has a significant international influence in the steel scrap market. Falling productivity and fewer trade activities in Turkiey indicate the worst market situation.
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