Turkey imported over 1 million tons of iron ore from Ukraine in January-September

In January-September of this year, steel enterprises of Turkey imported 1.01 million tons of iron ore from Ukraine compared to 499.17 thousand tons in 9 months of 2023 (+102.8% y/y). This is evidenced by preliminary data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

In particular, in September, Turkish consumers imported 82.5 thousand tons of iron ore of Ukrainian origin, which is 37.8% less than in the same month of 2023.

In general, over 9 months, Turkey increased imports of iron ore by 26.1% y/y – to 8.14 million tons, while spending on it increased by 26.7% y/y – to $1.02 billion. In September, the country imported 1.04 million tons of this raw material, up 145.7% compared to August and down 5.2% year-on-year. Import costs for the month amounted to $115.18 million, up 194.3% m/m and 9.6% y/y.

Brazil was the main supplier of raw materials in January-September, with 4.28 million tons (+5.2% y/y). Ukraine ranks second among the exporters of iron ore to Turkey, and South Africa is the third – 861.15 thousand tons (341.81 thousand tons in January-September 2023).

In January-September 2024, Turkish steel companies increased steel production by 13.8% compared to the same period in 2023, to 27.91 million tons. In September, the figure increased by 6.5% y/y and decreased by 1.7% m/m – to 3.09 million tons.

Recently, WorldSteel downgraded its short-term forecast for global steel demand in 2024 to -0.9% y/y (1.75 billion tons). In particular, in Turkey, the figure will decrease by 5.5% compared to 2023, to 36 million tons. In 2025, the trend will continue, but the rate of decline will slow to 1.7% y/y (35.5 million tons).