Turkiye: Ferrous scrap imports drop over 15% m-o-m in Apr'24; further decline expected in May

In April 2024, Turkish ferrous scrap imports dropped by 17% m-o-m to 1.52 million tonnes (mnt) from 1.83 mnt in March, according to customs data compiled by BigMint. Year-on-year (y-o-y), scrap imports fell by 13% compared to 1.74 mnt recorded during the same period of last year.

Key updates

• Crude steel production: Turkiye's crude steel production decreased by over 10% m-o-m to 2.8 mnt in April, a 13% decrease from 3.2 mnt in March, according to World Steel Association (WSA) data.
  
  
• Lira exchange rate: The Turkish lira's value remained largely stable at 32.41 in April, compared to 31.42 in March.
  
  

Country-wise shipments

Imports from US down 23%

• Bulk scrap imports from the US decreased by 23% m-o-m to 0.36 mnt in April from 0.47 mnt in March.Y-o-y, import volumes increased by 20% compared to April 2023's 0.3 mnt.
  
  
• W-o-w analysis of bulk volume connected at Turkish ports shows a slowdown during the middle of the month (0.16 mnt), with higher volumes during the first and last weeks, totalling around 0.2 mnt.
  
  

Imports from UK down 46%

• Bulk scrap imports from the UK declined by 46% to 0.15 mnt in April from 0.28 mnt in March. Compared to April 2023's 0.14 mnt, imports fell by 14%.
  
  
• On a weekly basis, bulk scrap volumes from the UK were absent towards the month's end, while mid-month volumes comprised 60% of the total (0.15 mnt).
  
  

Imports from the Netherlands drop

• Turkish mills imported approximately 0.19 mnt of scrap from the Netherlands in April, a 14% decrease from 0.22 mnt in March.
  
  
• Annually, imports decreased by 37% compared to 0.3 mnt during the same period last year.
  
  
• Weekly bulk volumes from the Netherlands were absent in the first half of the month, increasing in the second half as vessels booked at the start of the month arrived.
  
  

Other origins

• Bulk volumes from countries like Lithuania, Denmark, Italy, and others totalled 0.49 mnt, accounting for around 32% of total bulk scrap imports during April.
  
  

Outlook

According to BigMint's vessel line-up tracker, May scrap import volumes are likely to decline by over 10% to 1.35 mnt, with a significant drop in volumes expected from the European exporting countries.