Turkey: Ferrous scrap imports fall by 20% in Aug after record imports in July

Turkey- the world's largest ferrous scrap importer, witnessed a 20% drop in Aug'20. The country imported 1.89 mn t in Aug'20 as compared to 2.35 mn t a month ago, according to customs data maintained with SteelMint. Notably, Turkish ferrous scrap imports hit record high of 2.35 mn t in Jul'20 as mills actively restocked cargoes in July.

Similarly, on a yearly basis, scrap imports to Turkey recorded 1.89 mn t in Aug'20 as against 1.48 mn t in Aug'19.

• Scrap buying turned slow after replenishing of stocks last month - Reopening means utilization rates have been picking up from bottom levels. June buying surpassed the levels for a normal month as scrap needed to be restocked. Thus, with enough inventories in hand, Turkish mills remained less active in booking scrap in July for Aug deliveries.
  
  

• Fall in US scrap supplies - Turkish scrap imports of US-origin in Aug'20 was down by 35% on a monthly basis and stood at 0.37 mn t from 0.57 mn t in Jul'20. Tight supplies due to lower collection rates pushed prices up. SteelMint's assessment of USA origin HMS 1&2 (80:20) stood at $265/t CFR Turkey in Jul'20 against $260/t CFR Turkey in Jun'20.
  
  

Imports from Russia fell by 35% to 0.20 mn t in Aug'20 from 0.31 mn t a month earlier, whereas imports from the Netherlands totalled 0.32 mn t, up 44% m-o-m in Aug'20.

Quantity in mn t
Source: SteelMint stats and customs data