Turkey reduced scrap imports by 26.8% m/m in September

In September 2024, Turkish steel enterprises reduced imports of steel scrap by 26.8% compared to the previous month – to 1.44 million tons. The figure increased by 34.8% compared to the same period in 2023. This is evidenced by data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

The value of imports for the month amounted to $591.78 million, which is 26.7% less than m/m and 49.7% more than y/y.

In January-September 2024, imports of scrap by Turkish consumers increased by 6.3% compared to the same period in 2023 – to 14.96 million tons. Import costs increased by 8.9% y/y – to $6.3 billion.

In September, the key suppliers of raw materials were the United States – 474.38 thousand tons (+58.1% y/y), the Netherlands – 217.4 thousand tons (+84.8%), the United Kingdom – 152.67 thousand tons (+62.2%), Belgium – 79.42 thousand tons, and Venezuela – 66.13 thousand tons (+215%).

Over 9 months, the US shipped 3.41 million tons of raw materials to Turkey (+5.1% yoy), the Netherlands – 2.03 million tons (+33.9%), and the UK – 1.61 million tons (+44.5%).

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.