The starting quarter of 2017 with the market being volatile globally, Turkey saw a downfall in import of ferrous scrap for Q1 as the country imported 4.25 MnT. Q1 faced a downfall of about 12% as compared to Q4 2016 as the imports were about 4.8 MnT.
With the recent release of trade data by Turkish Customs, the nation imported 1.74 MnT in Mar’17 increasing from 0.99 MnT Ferrous scrap in Feb’17 witnessed an upward movement by 43%, M-o-M. If Compared by Q4 2016 where 4.14 MnT was imported, there is an increase in ferrous scrap import by 3% against 4.25 MnT imported in Q1 2017.
Top 5 Countries that exported scrap to Turkey in Q1 2017 was headed by USA being the largest of all exporting around 20% (0.83 MnT) of the total imports by Turkey. The exports by
- USA exporting 0.83 MnT in Q1 2017. increased 6% as compared to Q4 2016.
- UK exporting around 0.59 MnT in Q1 2017. Decreased 28% as compared to Q4 2016
- Netherlands exporting around 0.58 MnT in Q1 2017. Decreased 4% as compared to Q4 2016
- Belgium exporting around 0.55 MnT in Q1 2017. Decreased 23% as compared to Q4 2016
- Lithuania exporting around 0.23 MnT in Q1 2017. Increased 15% as compared to Q4 2016
According to Steelmint Analysis, “Turkey’s scrap import in Q1 2017 decreased as it was effected by devaluation of Turkish Iris and the referendum that was passed in the political scenario of Turkey. The price were so volatile that the buyers preferred to wait and watch rather that continuing buying activity which hampered the total imports in the 1st quarter of 2017. Turkey has resumed buying cargo which are expected to be delivered by May end or June 1st week. It would return back strongly in the 2nd quarter of 2017
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