Dec 16, 2022
EU, US remain Turkey’s top metals export markets in 2022: IDDMIB

Turkey’s ferrous and nonferrous metals exports rose 3.5% year on year to 2.9 billion mt in the first 11 months of 2022, with revenue from the exports increased 19% to $13.2 billion, Istanbul Ferrous and Nonferrous Metals Exporters’ Association, or IDDMIB, said in a Dec. 15 statement.

The exports increased despite unfavorable global market conditions, IDDMIB Chairman Cetin Tecdelioglu said, adding that the sector’s unit export price also rose 15% on the year to $4.63/kg.

The EU and the US remained Turkey’s top export markets in 2022, he said.

“Germany was the top export market at $1.8 billion, while shipments to Italy and the US totaled $990 million and $870 million, respectively,” Tecdelioglu said without giving tonnages or a breakdown of the figures.

“Aluminum and iron and steel industries remained the top exporting sectors,” IDDMIB said, although the association expected that some output cuts by European steel and aluminum producers, amid the possible energy crisis, could generate advantages for Turkish mills looking to boost exports to Europe in 2023.

However, energy costs in Turkey have also jumped due to consecutive hikes in electricity and natural gas prices for industrial use since Sept. 1, which, combined with low demand have resulted in some steelmakers reducing output and some pausing output temporarily.

Steel pricing has also remained under pressure from high energy costs and slow demand.

Platts, part of S&P Global Commodity Insights, assessed Turkish exported rebar at $662.50/mt FOB Dec. 14, down from an intra-year high of $960/mt FOB April 1.

— Cenk Can

Source: Eurometal