Iron ore

The total import of raw materials to the country in January 2024 decreased by 18.7% y/y

In January 2024, Türkiye reduced imports of iron ore from Ukraine by 8.7% compared to the previous month – to 75.2 thousand tons. This is evidenced by data from the Turkish Statistical Institute (TUIK), SteelRadar reports.

Iron ore imports from Ukraine increased by 150.6% compared to January 2023.

In January 2024, total imports of raw materials to Türkiye decreased by 29.9% m/m and 18.7% y/y – to 649.4 thousand tons.

In January, Brazil remained the main supplier of iron ore to the country, which in the period under review reduced shipments to Türkiye by 26.4 y/y and 38.6% m/m – to 416.83 thousand tons.

In January 2024, Canada imported 77.72 thsd tonnes of raw materials. In January last year, there were no supplies from this country, as well as in December 2023.

In 2023, Türkiye reduced its imports of iron ore from Ukraine by 1% compared to 2022, to 582 kt. The total volume of iron ore imports to the country in the period fell by 4% y/y – to 9.58 million tons. This decline corresponds to a drop in steel production by local steelmakers, down 4% y/y – to 33.7 million tons.

As GMK Center previously reported, Turkish steelmakers increased steel production by 24.6% in January 2024 – to 3.25 million tons compared to the same month in 2023. The country was ranked 7th in the global ranking of steel producing countries (71) by the World Steel Association. Compared to December 2023, this figure increased by 0.7% in January this year.