Turkey increased scrap imports to 8.66 million tons in January-May

Import volumes increased by 2.8% y/y

In January-May 2024, steel enterprises in Turkey increased scrap imports by 2.8% compared to the same period in 2023, to 8.66 million tons. This is evidenced by data from the Turkish Statistical Institute (TUIK), Kallanish reports.

In May, Turkey imported 1.81 million tons of scrap, up 4.5% compared to May 2023 and 19.1% m/m. More than 99% or 1.8 million tons of May imports were for obsolete scrap grades. The average transaction price amounted to $413.5/t, compared to $451/t in May 2023 and $436/t in April.

The main suppliers of raw materials to Turkey in May were the United States – 394.9 thousand tons (-18.7% y/y), the United Kingdom – 252.2 thousand tons (+222% y/y), the Netherlands – 226.14 thousand tons (+85.4% y/y). In January-May, the United States shipped 1.77 million tons of scrap to Turkish consumers.

Rebar exports from Turkey increased by 25.4% y/y – to 1.34 million tons in 5 months of 2024.

As GMK Center reported earlier, in 2023, Turkey reduced its 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.

There are 30 steel mills in Turkey, including 4 blast furnace mills and 26 electric arc mills. Their annual steelmaking capacity is estimated at about 60 million tons. In other words, in 2023, capacity utilization was 58.5%.