Iron ore

In August, Turkish steelmakers consumed 33,000 tons of Ukrainian-made iron ore

In January-August 2023, steel enterprises of Turkiye reduced the import of iron ore from Ukraine by 13.2% compared to the same period in 2022 – to 366.4 thousand tons. This is evidenced by the data of the Turkish Statistical Institute (TUIK), reports SteelOrbis.

In August 2023, Turkish steelmakers increased their consumption of Ukrainian raw materials by 3.4% compared to the same month in 2022 – up to 33,005 thousand tons.

In general, in January-August, Turkiye imported 5.36 million tons of iron ore, which is 23% less y/y. The value of imports for this period decreased by 36.4% y/y – to $680.5 million, as iron ore prices fell year-to-date compared to the same period in 2022.

The main supplier of iron ore to Turkiye is Brazil – 65% of the total volume of imports. In 8 months, Brazilian companies shipped 3.49 million tons of iron ore to Turkish consumers, which is 23.5% more y/y. Sweden is in the second place (15%) – 819.8 thousand tons (-29% y/y), and Ukraine is in the third place.

As GMK Center reported earlier, in January-August 2023, Ukrainian mining companies exported 11.2 million tons of iron ore, which is 44% less than in the same period of 2022. Slovakia consumed the most Ukrainianiron ore – 29.8%, the Czech Republic – 23.5% and Poland – 20.1%.

Also, steel enterprises of Turkiye in January-August 2023 reduced steel production by 16.3% compared to the same period in 2022 – to 15.92 million tons.