Turkey reduced imports of pig iron from Ukraine by 6.3% y/y in 2024

Total deliveries amounted to 102.43 thousand tons

In 2024, Turkish steel enterprises reduced imports of pig iron from Ukraine by 6.3% compared to 2023 – from 109.29 thousand tonnes to 102.43 thousand tonnes. This is reported by SteelOrbis with reference to data from the Turkish Statistical Institute (TUIK).

In total, Turkey imported 1.42 million tonnes of pig iron during the year, up 3.3% compared to 2023. Import costs decreased by 0.7% y/y – to $602.08 million tonnes. In December, imports totalled 186.23 thsd tonnes, down 0.6% compared to November and 89% more than in November. The value of imports for the month is estimated at $69.09 million (-6.4% m/m; +71% y/y).

The key supplier of products in 2024 is the Russian Federation – 936.53 thousand tonnes (-0.9% y/y). In December, shipments from this destination totalled 123.8 thsd tonnes, up 35.2% y/y.

Last year, Kazakhstan took the lead by shipping 248.65 kt of pig iron to the Turkish market, while in 2023 this volume was only 22.21 kt. In December, supplies reached 62.24 kt (4 kt in December 2023).

Ukraine is the third largest exporter of pig iron to Turkey with a 7% share. In December, no Ukrainian pig iron was supplied to Turkish consumers.

In 2024, imports of pig iron to Turkey changed due to several key factors. The main one was competition from Kazakhstan, which significantly increased supplies, displacing other suppliers, including Ukraine. At the same time, the geopolitical situation and logistical problems restricted Ukrainian exports, leading to a decline in its market share. The decline in import costs may be a sign of global price adjustments, while the overall growth in purchases indicates stable demand from the Turkish steel industry.

As GMK Center reported earlier, in 2024, Turkey increased steel production by 9.4% compared to 2023, to 36.89 million tonnes. The country was thus ranked eighth in the world among the key steel producing countries according to WorldSteel.