Commodity reported that Turkey has become the 10th biggest producer of steel globally and second largest steel producer in Europe with in a period of 10 years from 2001 to 2010. Growth of the industry in Turkey has been driven in part by strong domestic consumption.
In the 5 years between 2005 and 2010, per capita crude steel consumption in Turkey has increased by over 25% to 341 kilogram and is expected to continue to grow in the medium and long term. In addition to the strong domestic demand and dynamic steel consuming industries, Turkey’s well placed geographical position also supports exports and thus production.
LME has reported that its steel billet futures volumes have surged in 2011 with over 400,000 lots traded since launch, equivalent to 26 million tonnes and USD 13 billion. It has so far seen seven Turkey Steel companies registering their brands to be associated with the steel billet contract. There are currently 50 brands listed under the LME Steel Billet contract in 12 locations and 9 countries.
Mr Martin Abbott CEO of the LME said that “We are keen to work with the Turkish authorities to further the acceptance of the LME steel contract and to show industry users how it can protect them against price volatility.”
Turkey’s steel production capacity has been consistently rising since 2005. During the last few years many projects started production especially in flat products segment. There are also projects being considered currently for establishing new capacities and modernization of the existing capacities, which will contribute balancing Turkey’s flat and long steel production consumption structure.
(Sourced from Commodity Online)
via Steel Guru : Turkey has become the 10th biggest steel producer globally – 227419 – 2011-09-29.
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