Turkey increased scrap imports by 23.2% m/m in August

In January-August, scrap supplies increased by 4% y/y

In August 2024, steel enterprises of Turkey increased the import of steel scrap by 23.2% compared to the previous month – to 1.971 million tons. Compared to the same period in 2023, the indicator increased by 30.8%. This is evidenced by the data of the Turkish Statistical Institute (TUIK), reports Kallanish.

Over 99% or 1.966 million tonnes of August imports are low grade scrap with an average price of $410/t compared to $392/t in August 2023 and $411/t – in July.

The key suppliers of raw materials in August are the USA – 469.6 thousand tons (+39.3% y/y), the Netherlands – 366.88 thousand tons (+205.4%), Lithuania – 143.47 thousand t (+270%), Belgium – 116.47 thousand t (-31.6%), Great Britain – 98.99 thousand t (-26.6%).

During January-August, Turkish steel companies imported 13.56 million tons of scrap, which is 4% more than in the same period of 2023. The USA is the largest supplier – 2.93 million tons. At the same time, exports of rebar from Turkey increased by 4.8% y/y in 8 months – up to 2.17 million tons.

As GMK Center reported earlier, in 2023, Turkey reduced the import of scrap by 10% compared to 2022 – up to 18.83 million tons. The decrease in the volume of scrap imports into the country was associated with the low workload of local steel mills.

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

There are 29 steel enterprises located in Turkey, in particular, 3 – blast furnace type, and 26 – EAFs. Their annual capacity for steel production is estimated at about 60 million tons. That is, in 2023, capacity utilization was at the level of 58.5%.