Posted on 17 Oct 2023
With the global contraction in steel demand continuing, African markets, especially Algeria and Egypt, are emerging as important alternative export markets for the Turkish iron and steel industry, according to the Mediterranean Ferrous And Non-Ferrous Metals Exporters Association (ADMIB), which falls under the Mediterranean Exporter Associations (AKIB).
In September, Germany was the leading destination for Turkey's iron and steel exports, totalling $205.5 million, followed by Romania amounting to $156.2m, and Israel with $118.6m.
Notably, among Turkey’s top ten export markets, Yemen experienced a 101% increase in Turkish exports, while Egypt grew 39% in September, Kallanish notes.
In terms of exports reported by ADMIB members, representing ferrous and non-ferrous metals, Romania took top spot with $19.1m, followed by Algeria with $17.8m and Iraq with $17.3m. Within the top ten markets supplied by ADMIB members, Morocco showed a substantial increase of 270%, and Algeria by 100%.
Overall Turkish iron and steel exports fell 17% in tonnage terms and 19% in value in September, association president Fuat Tosyali says without providing figures. Specifically for ADMIB members, there was a 36% decrease in quantity and 32% in value.
Steel demand contraction continues, says Tosyali. “At the same time, sector-specific protectionism measures and state-supported investments are increasing around the world. Unfortunately, the negative process in our sector's exports seems to be continuing for a while. Under these conditions, we have focused on compensating our losses by focusing on alternative markets. We have achieved growth momentum, especially in the African market, especially in Algeria and Egypt. Our aim is to compensate for this negative process as much as possible with maximum exports,” he adds.
Once demand recovers globally, Turkey will try to increase its share in world trade, Tosyali suggests.
Source:Kallanish
