Turkey increased scrap imports by 2.1% m/m in October

In October 2024, Turkish steel enterprises increased their imports of steel scrap by 2.1% compared to the previous month, to 1.474 million tons. The figure fell by 1.7% compared to the same period in 2023. This is evidenced by data from the Turkish Statistical Institute (TUIK), Kallanish reports.

More than 99% or 1.469 million tons of October imports were outdated scrap grades. The average transaction price amounted to $400/t compared to $379/t in October 2023 and $419.7/t – in September.

In January-October of this year, imports of scrap by Turkish consumers increased by 5.5% compared to the same period in 2023 to 16.48 million tons.

The key suppliers of raw materials in October were the United States – 461.68 thousand tons (+20.3% y/y), the Netherlands – 195.64 thousand tons (-21%), the United Kingdom – 164.17 thousand tons (+196%), Lithuania – 109.45 thousand tons (+117.2%), Romania – 82.57 thousand tons (-8.6%).

Over the past 10 months, the largest volumes of raw materials were supplied by the United States – 3.87 million tons of raw materials, followed by the Netherlands and the United Kingdom.

In November, scrap prices in Turkey fell by 5% – to $344-345/t CFR, the lowest level in two years. Supply continued the decline that began in October (-1.4%), driven by several key factors, including oversupply and weak demand for steel. Market participants expect prices to recover in January.

As GMK Center reported earlier, in 2023, Turkey reduced scrap imports by 10% compared to 2022, to 18.83 million tons. The decrease in scrap imports to the country was due to low utilization of local steel mills.

Turkey ranks eighth in the world in terms of steel production. In 2023, Turkish steelmakers reduced steel production by 14% compared to 2022, to 33.7 million tons.