Update on Global Steel Trade Data - 6 December 2024

In October, Turkey’s steel imports surged by 39.8% compared to the same month last year, reaching 1.7MT amid firm local prices while overseas suppliers, mainly in Asia, continued lowering offers in response to weakening market conditions in the third quarter of 2024. 

The United States recorded a 9% rise in steel imports over the same period, to 2.2MT, largely because of increased volumes of semi-finished shipments from Mexico and Brazil, along with larger tonnages of finished steel delivered from Asia.

Turkey’s steel exports in October fell by 8.5% year-on-year, to 1 MT, after buyers in Europe, Ukraine and MENA countries had actively restocked in the prior months. 

Meanwhile, China hiked exports to its key markets by 41% in October compared to the same period last year, to 11.18 MT as prices declined to the lowest levels in the previous few years, widening the price gap between Turkish and Asian prices.  

The positive signals seen in the Chinese steel sector since September have improved sentiment in the local and regional markets. As a result, crude steel output increased by 2.9% in China, to 81.9 MT, after several months of negative results.