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Public spending to increase domestic steel production by 5.4 pct in 2017: CIB
Turkish steel production is expected to grow by 5.4 pct due to the rise in public spending in 2017, according to the Namik Ekinci, chairman of Turkish Steel Exporters' Association (CIB).
Steel sector, which has experienced a decline in production and exports in the last five years, is expected to close its production with 33.2 mln tons as well exports with 16.4 mln tons in 2016. In 2017, the target for steel production is 35 mln tons and 17 mln tons for exports, Ekinci added.
He said that due to relatively cheaper scrap prices as compared to iron ore, Turkish steel industry have competitive advantage as mostly mills are operated through electric arc furnace route.
He opined that despite continuous turmoil in some of the Middle East countries, he expects that stable demand in domestic markets of some countries including US, Europe, Japan and China will also have positive impact on Turkish steel exports in 2017, particularly on flat steel exports.
