In October 2024, Turkey’s steel enterprises reported a significant reduction in rebar exports, decreasing by 28.3% year-on-year to 206,260 tons, according to preliminary data from the Turkish Statistical Institute (TUIK), as reported by Kallanish. Compared to September 2024, exports also fell sharply, declining by 37.3%. The average export price for rebar in October 2024 was $578.5 per ton, slightly lower than $592 per ton in October 2023 and on par with $578 per ton in September 2024.
Key export destinations during October included Yemen, receiving 54,960 tons (+191% year-on-year), followed by Palestine and the Dominican Republic, importing 24,660 tons and 17,140 tons, respectively. However, trade with certain regions, such as Israel, saw significant changes, with no exports recorded this October, contrasting with 38,600 tons shipped in October 2023.
For the January–October period, Turkey’s total rebar exports dropped by 2.4% year-on-year to 2.7 million tons. Despite declining exports, Turkey’s steel production rose by 0.7% year-on-year in October 2024 to 3 million tons, although this represented a 3% drop compared to September 2024.
The global steel market outlook remains subdued. According to WorldSteel, global steel demand is forecasted to decline by 0.9% year-on-year in 2024, reaching 1.75 billion tons. For Turkey, steel demand is expected to decrease by 5.5% in 2024 to 36 million tons, with a slower decline of 1.7% forecasted for 2025, bringing the figure to 35.5 million tons.
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