Turkey: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Turkey

The Turkish steel and iron articles market reached $X in 2022, remaining relatively unchanged against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.4% against 2020 indices. Steel and iron articles consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Turkey

In value terms, steel and iron articles production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 17% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Turkey

In 2022, overseas shipments of articles of iron or steel increased by 14% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 19%. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, steel and iron articles exports surged to $X in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 33%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Germany (X tons) was the main destination for steel and iron articles exports from Turkey, with a 23% share of total exports. Moreover, steel and iron articles exports to Germany exceeded the volume sent to the second major destination, France (X tons), fourfold. The UK (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to Germany stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-0.9% per year) and the UK (+18.8% per year).

In value terms, Germany ($X) remains the key foreign market for articles of iron or steel exports from Turkey, comprising 25% of total exports. The second position in the ranking was taken by France ($X), with a 6.1% share of total exports. It was followed by Romania, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany stood at +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+4.9% per year) and Romania (+6.7% per year).

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, with an increase of 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2021 an increase of 12% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Turkey

In 2022, overseas purchases of articles of iron or steel were finally on the rise to reach X tons after four years of decline. Over the period under review, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 116%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, steel and iron articles imports expanded sharply to $X in 2022. Overall, imports posted buoyant growth. The pace of growth was the most pronounced in 2015 when imports increased by 51% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), France (X tons) and China (X tons) were the main suppliers of steel and iron articles imports to Turkey, with a combined 53% share of total imports. Spain, Romania, Italy, Indonesia, the UK, Poland, the Netherlands, the Czech Republic and South Korea lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +62.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and France ($X) were the largest steel and iron articles suppliers to Turkey, together accounting for 50% of total imports. Italy, Spain, Romania, the UK, Poland, the Czech Republic, South Korea, the Netherlands and Indonesia lagged somewhat behind, together accounting for a further 32%.

Among the main suppliers, Indonesia, with a CAGR of +61.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, which is down by -6.5% against the previous year. Overall, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 an increase of 40% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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