Turkey imported 1.1 million tons of iron ore from Ukraine in 2024

In 2024, Turkish steel enterprises imported 1.09 million tons of iron ore from Ukraine compared to 581.56 thousand tons in 2023 (+88.2% y/y). This is evidenced by preliminary data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

Ukraine ranks second among the largest suppliers of iron ore to Turkey. However, in November-December, Turkish consumers did not import iron ore of Ukrainian origin.

Overall, Turkey increased its iron ore imports by 12.6% y/y – to 10.01 million tons, while its costs increased by 8.7% y/y – to $1.21 billion. In December, the country imported 924.54 thousand tons of this raw material, up 245.1% compared to November and down 0.1% year-on-year. Import costs for the month amounted to $81.74 mln, up 160.3% m/m and 33.1% y/y.

Brazil is the main supplier of raw materials in 2024 – 5.28 million tons (-3.3% y/y). Uzbekistan shipped 1 million tons of ore to Turkey (+70.6% y/y), Sweden – 989.17 thousand tons (-33.1% y/y).

As GMK Center reported earlier, in 2023, Turkey reduced imports of iron ore from Ukraine by 1% compared to 2022, to 582 thousand tons. The total volume of iron ore imports to the country in the period under review fell by 4% y/y – to 9.58 million tons.

Turkey ranks eighth in the world in terms of steel production. In 2024, Turkish steelmakers increased steel production by 9.4% compared to 2023, to 36.89 million tons.