Turkiye increased its scrap imports by 41% m/m in October

In October 2023, Turkish steel enterprises increased their scrap imports by 40.7% compared to the previous month, up to 1.49 million tons. The figure increased by 3.2% compared to the same month in 2022. This is evidenced by data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

The cost of imports of raw materials by Turkish steelmakers increased by 43.1% m/m and by 0.9% y/y – to $568.2 million.

In January-October 2023, Turkiye imported 15.51 million tons of scrap, which is 47.9% less than in the same period last year. Imports in monetary terms decreased by 27.4% y/y – to $6.36 billion.

The United States was the largest supplier of raw materials to the Turkish market in January-October – 3.63 million tons (+3.2% y/y). The Netherlands shipped 1.766 million tons of scrap to Turkiye during this period (+1.9% y/y), and Belgium shipped 1.388 million tons (+1.8% y/y).

As GMK Center reported earlier, in 2022, Turkey reduced the import of scrap by 16.5% compared to 2021 – to 20.93 million tons. The decrease in the volume of scrap imports into the country was associated with the low workload of local steel mills in the second half of 2022.

Turkiye ranks eighth in the world in terms of steel production. In 2022, Turkish enterprises reduced production of steel by 12.9% compared to 2021 – to 35.1 million tons.