Published on 24 May 2024
The Turkish steel industry has been a significant player in the global market, with its ups and downs reflecting the dynamic nature of the sector. April 2024 marked a notable event in this ongoing saga, as Turkish steel producers reported a 12.6% month-on-month decrease in steel output, producing 2.8 million tons of steel.
Despite this dip, the overall performance of the Turkish steel industry in the first four months of 2024 has been robust. Turkish steel producers raised their steel output by 22.1% to 12.33 million tons between January and April of 2024, compared to the same period in 2023. This increase demonstrates the resilience and adaptability of the Turkish steel industry in the face of fluctuating market conditions.
Looking ahead, analysts predict a strengthening of the Turkish steel industry. This optimism is fueled by two key factors: reduced interest rates and an increase in worldwide steel demand. The combination of these factors is expected to provide a conducive environment for the growth of the steel industry in Turkey.
Moreover, the World Steel Association’s October 2023 report forecasts a rise in Turkey’s steel consumption. It is expected to increase by 5% to 40.6 million tons by 2024. This anticipated rise in domestic consumption, coupled with the global increase in demand, paints a promising picture for the future of the Turkish steel industry.
In conclusion, while the Turkish steel industry has experienced a temporary decrease in output, the overall outlook remains positive. With favorable economic conditions and increasing domestic and global demand, the Turkish steel industry is well-positioned to continue its growth trajectory in the coming years.
Turkish steel producers produced 2.8 million tons of steel in April 2024, a 12.6% decrease from the previous month.
Turkish steel producers raised their steel output by 22.1% to 12.33 million tons between January and April of 2024, compared to the same period in 2023. : Analysts predict that the Turkish steel industry will strengthen this year due to reduced interest rates and an increase in worldwide steel demand. : According to the World Steel Association’s October 2023 report, Turkey’s steel consumption is expected to rise by 5% to 40.6 million tons by 2024.
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