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Mar.29.2024 1USD=7.095RMB
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Turkish Crude Steel Output down 16% in January-February

https://en.steelhome.com [SteelHome] 2019-03-21 09:49:59

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Turkey produced 5.203 million tonnes of crude steel in January-February 2019, a 16.07% decrease compared with 6.199 million tonnes produced in the first two months of 2018, according to the Turkish Steel Producers Association (TÇüD).

The fall in output was largely due to the negative sentiment that has been dominating Turkey’s domestic steel market since August last year, when the country’s lira lost significant ground against the dollar after United States President Donald Trump doubled the tariffs on US steel imports from Turkey.

In addition, the European Commission (EC) imposed definitive safeguard duties on imports of a range of steel products on February 1.

The import safeguard quota for wire rod from Turkey allows for 121,331 tonnes of material from the country to be brought in over the first quota period, which will run until July this year. For rebar, the Turkish quota is 117,232 tonnes over the same period.

As a result of these restrictions, some Turkish mills have reduced their capacity utilization, while some mills that can produce either slab or billet have focused on slab production because of the stronger demand for flat steel in the export markets.

Turkish mills sold 20,000 tonnes of hot-rolled coil at $520 per tonne fob to Italy early in March, and another 13,000 tonnes to Spain at $523 per tonne fob.

Another deal to Spain was heard at $520 per tonne fob for 4,000 tonnes, while other unconfirmed quantities were exported to Europe at $525-528 per tonne fob during the same week.

The volume of steel produced in Turkey using electric-arc furnaces fell by 21.89% to 3.333 million tonnes in January-February 2019, from 4.267 million tonnes in the corresponding period of 2018.

Similarly, output from blast furnaces decreased by 3.21% to 1.869 million tonnes in January-February, compared year on year with 1.931 million tonnes.

Turkey produced 2.027 million tonnes of slab in the first two months of 2019, up by 3% year-on-year from 1.968 million tonnes.

Meanwhile, steel billet output was 3.175 million tonnes in January-February 2019, down by 24.94% from 4.230 million tonnes.

Fastmarkets’ weekly price assessment for domestic billet in Turkey was $460-470 per tonne ex-works on March 14, rising from $450-460 per tonne ex-works on March 7.

Demand was better last week because of improved demand in the Middle East-North Africa region, as well as raised prices because production costs went up due to higher raw material costs, sources said.

Source from Fastmarkets MB
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