Turkey increased scrap imports by 32.5% y/y in February

During January-February, import of raw materials increased by 34.6% y/y

In February 2024, Turkish steel enterprises increased their scrap imports by 32.5% compared to February 2023, to 1.63 million tons. Compared to January, imports of raw materials decreased by 12.3%. This is evidenced by data from the Turkish Statistical Institute (TUIK), Kallanish reports.

More than 99%, or 1.63 million tons, of February imports were scrap of outdated grades. The average price of this scrap was $445/ton, up from $398/ton in February 2023 and $404/ton in January 2024.

At the end of the month, the Netherlands was the largest supplier of raw materials to Turkish consumers – 308.2 thousand tons (+59.8% y/y). The US reduced supplies by 35.5% y/y – to 180.92 thsd tonnes, while the UK increased supplies by 268.5% to 172.92 thsd tonnes.

In January-February 2024, imports of scrap to Turkey increased by 34.6% compared to the same period in 2023, to 3.49 million tons. The Netherlands was the largest supplier (577.34 thousand tons), followed by the United States and Belgium.

Rebar exports from Turkey increased by 9.9% y/y over two months – to 559.96 thousand tons.

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.