Published on September 6, 2024
Turkey’s scrap import market has shown a nuanced performance in the year’s first seven months. Despite facing various global economic challenges, Turkey imported 11.55 million metric tons of scrap between January and July, a slight increase of 0.5 percent compared to last year. This increase in volume was accompanied by a 2.1% rise in the value of these imports, reaching $4.90 billion.
Monthly and Annual Trends
Turkey’s scrap import volume reached 1.59 million metric tons in July alone. This figure represents a significant monthly increase of 20.5 percent, indicating a robust recovery or surge in demand. However, compared to the same month last year, there was a notable decline of 15.4 percent. This annual decrease suggests that while short-term fluctuations may occur, the overall trend might stabilize or adjust to new market conditions.
Key Suppliers
The United States remained Turkey’s top scrap supplier during this period despite a 5.5 percent year-on-year decrease in volume. Turkey imported 2.47 million metric tons of scrap from the US, underscoring the strong trade relationship between the two countries in this sector. Following the US, the Netherlands and the UK were significant contributors, supplying 1.45 million metric tons and 1.36 million tons of scrap, respectively.
Market Implications
The slight increase in scrap imports and the rise in value reflect Turkey’s ongoing demand for raw materials to support its steel production industry. The fluctuations in monthly and annual import volumes highlight the dynamic nature of the global scrap market, influenced by factors such as international trade policies, economic conditions, and domestic industrial needs.
Turkey’s reliance on the US, the Netherlands, and the UK for scrap imports indicates a diversified supply chain, which can be beneficial in mitigating risks associated with supply disruptions. However, the decrease in imports from the US suggests Turkey needs to explore alternative sources or strategies to maintain a steady scrap supply.
Conclusion
Turkey’s scrap import data from January to July presents a mixed but cautiously optimistic picture. The slight increase in import volume and value points to a resilient market, while the variations in monthly and annual figures call for close monitoring of global and domestic economic trends. As Turkey navigates these complexities, its strategic partnerships with key suppliers will play a crucial role in sustaining its steel production capabilities.