Turkiye: Ferrous scrap imports rise nearly 20% m-o-m in May'24 on higher crude steel output

In May 2024, Turkish ferrous scrap imports increased by 19% m-o-m to 1.81 million tonnes (mnt) from 1.52 mnt in April, according to Customs data compiled by BigMint. The US continued as the top exporter, the UK and the Netherlands followed next. On a year-on-year (y-o-y) basis, scrap imports rose by 5% compared to 1.73 mnt recorded during the same period last year.

As per BigMint's bulk scrap trade tracker, Turkish buyers booked around 32-35 deep sea bulk cargoes and 7-8 short sea bulk cargoes throughout the month.

Key updates

• Crude steel production: Turkiye's crude steel production increased by 15% m-o-m to 3.21 mnt in May, according to World Steel Association (WSA) data.
  
  
• Lira exchange rate: The Turkish lira's value remained range-bound as one TRY was valued at 32.23 against one USD in May, compared to 32.41 in April
  
  

Country-wise shipments

Imports from the US increase

• Ferrous scrap imports from the US increased by 11% to 0.4 mnt in May from 0.36 mnt in April. Compared to May 2023's 0.49 mnt, imports fell by 18% y-o-y.
  
  
• When we consider, BigMint's vessel line-up data for bulk scrap, the volume crossed 1 lakh tonnes towards the second half of the month.
  
  

Imports from the UK up

• Ferrous scrap imports from the UK increased by 67% to 0.25 mnt in May from 0.15 mnt in April. Compared to May 2023's 0.08 mnt, import volumes two-folded (213%) on a y-o-y basis.
  
  

Imports from the Netherlands rise

• Turkish mills imported approximately 0.23 mnt of scrap from the Netherlands in May, rise of 21% from 0.19 mnt in April 2024.
  
  
• Annually, imports increased by 92% compared to 0.12 mnt during the same period of last year.
  
  
• Bulk scrap volumes from the Netherlands increased significantly and stood at 0.14 mnt in May, major volumes arrived towards the second half of the month.
  
  

Bulk scrap imports rise from Russia

• Bulk volumes from countries like Russia witnessed a rise of 9% m-o-m to 0.267 mnt as compared to 0.246 mnt in April.
  
  
• In other regions, Lithuania, Denmark, Italy, and others exported total volume of 0.41 mnt.
  
  

Outlook

According to BigMint's vessel line-up tracker, the total scrap imports will downtrend as less number of vessels were booked in June due to the long Eid holidays and unsupportive steel demand in the market.