The demand for imported raw materials increased due to the increase in steel production

In January 2024, steel enterprises in Turkiye increased scrap imports by 36% compared to the same month in 2023 – up to 1.85 million tons. This is evidenced by the data of the Turkish Statistical Institute (TUIK), S&P Global reports.

Demand for imported raw materials increased due to an increase in steel production in January by 24.7% y/y. This is due to the recent commissioning of new steel capacity, as well as improved demand for finished products.

In 2024, Turkiye intends to reach a record level of steel production and exceed the 2021 figure of 40.4 million tons. This will increase imports of scrap.

In January, the United States was the largest supplier of raw materials to Turkish consumers – 356 thousand tons (+45% y/y). They are followed by the Netherlands – 274 thousand tons (+2 times y/y) and Belgium – 241 thousand tons (+60% y/y).

Another 241 thousand tons of scrap were imported from Belgium, 125 thousand tons – from the UK, 100 thousand tons – from Romania, 89 thousand tons – from Lithuania, and 82 thousand tons – from France.

As GMK Center reported earlier, in 2023, Turkiye 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.

Turkiye 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.