Turkey, the world’s leading ferrous scrap buyer, recorded a marginal 4% increase in imports of the material at 6.36 million tonnes (mnt) in the first quarter of 2022 (January-March 2022) vis-a-vis 6.1 mnt in the same period last year, as per customs data maintained with SteelMint.
However, in March, scrap imports showed an 8% m-o-m increase to 2.02 mnt as against 1.87 mnt seen in February.
Imported scrap shipments in Turkey regained momentum and buyers were seen actively restocking inventories. Mills stepped up bookings due to increasing steel demand as construction activity picks up in winters.
Highlights-
- USA, Netherlands top exporters: USA stood as the top exporter of ferrous scrap to Turkey with 1.12 mnt in Q1CY22. The Netherlands was the second-largest exporter with 0.55 mnt, followed by Belgium at 0.52 mnt, as per SteelMint data.
- Crude steel output at 9.4 mnt in Q1: Turkey’s crude steel production was 9.4 mnt in the first three months of 2022, a slight drop compared to the corresponding period last year (CPLY), as per figures released by the World Steel Association (WSA).
- Imported scrap prices surge in Q1: SteelMint’s assessment of US-origin HMS 1&2 (80:20) stood at $545/t CFR Turkey in Q1CY22 against $435/t CFR in Q1CY21, surging by around $110/t y-o-y. Considering the positive sentiments in the domestic and overseas markets, mills accepted higher imported scrap offers as there were limited suppliers in the market.
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