Demand for imported raw materials increased due to increased steel production
In January 2024, steel companies in Turkiye increased scrap imports by 36% compared to the same month in 2023 – up to 1.85 million tons. This is evidenced by data from the Turkish Statistical Institute (TUIK), reports from S&P Global.
Demand for imported raw materials increased due to an increase in steel production in January by 24.7% per year. This is due to the recent commissioning of new steel capacity as well as improved demand for finished products.
In 2024, Turkiye aims to reach a record level of steel production and surpass the 2021 figure of 40.4 million tonnes. This will increase scrap imports.
In January, the United States was the largest supplier of raw materials to Turkish consumers – 356 thousand tons (+45% per year). They are followed by the Netherlands – 274 thousand tons (+2 times per year) and Belgium – 241 thousand tons (+60% per year).
Another 241 thousand tons of scrap were imported from Belgium, 125 thousand tons – from the United Kingdom, 100 thousand tons – from Romania, 89 thousand tons – from Lithuania and 82 thousand tons – from France.
As previously reported by Compraço, in 2023, Turkiye reduced scrap imports by 10% compared to 2022, to 18.83 million tons. The decrease in scrap imports into the country was due to the low utilization of local steel mills.
Turkiye ranks eighth in the world in terms of steel production. In 2023, Turkish steel mills reduced steel production by 14% compared to 2022, to 33.7 million tons.
