Turkiye: Ferrous scrap imports rise by 12% m-o-m in Jan'24

In January, Turkish ferrous scrap imports surged by 12% to 1.86 million tonnes (mnt), up from 1.66 mnt in December. Furthermore, on an annualised basis, scrap imports recorded a remarkable 37% increase compared to the 1.36 mnt observed during the same period last year.

Country-wise shipments

Imports from the US drop 10% m-o-m: Scrap imports from the US saw a 10% m-o-m decline, dropping to 0.36 mnt in January from 0.40 mnt in the previous month. However, on a y-o-y basis, import volumes surged by 44%, reaching 0.36 mnt compared to January 2023's 0.25 mnt.

Imports from Belgium show three-fold increase: Scrap imports from Belgium into Turkiye witnessed a remarkable three-fold increase, soaring to 0.24 mnt in January from a mere 0.08 mnt in the preceding month. Similarly, compared to January 2023, imports surged by 60%, reaching 0.24 mnt compared to 0.15 mnt.

Imports from the UK jump 50% m-o-m: Turkish mills imported approximately 0.12 mnt of scrap from the UK in January, reflecting a notable increase of 50% compared to 0.08 mnt in December. However, on an annual basis, imports experienced a decrease of 8% compared to 0.13 mnt during the same period last year.

Semi-finish, finished steel market updates

Billet imports: Turkiye's steel billet imports rose by 41% m-o-m in January to 548,632 t from 387,921 t in December, as per Customs data maintained by BigMint. Russia was the major exporter with 136,055 t followed by Malaysia with 103,560. Meanwhile, import volumes increased by 35% y-o-y compared to 405,215 t in the year-ago period.

Rebar exports: Turkiye's rebar exports fell by 26% to 347,516 t in January compared to 472,284 t in December, as per Customs data maintained by BigMint. Yemen was the largest importer with 74,504 t followed by the United States with 32,730 t. Meanwhile, export volumes decreased by 4% y-o-y compared to 362,710 t in the year-ago period.

Key updates

Crude steel production down 4% y-o-y: Turkiye's crude steel production stood at 3.24 mnt in January, reflecting a slight increase of 1% compared to 3.22 mnt in December, as per World Steel Association (WSA) data.

Lira: The value of the Turkish lira dropped to 30.36 in January from 29.44 in December.