Turkiye’s ferrous scrap imports rose by 17% to 1.6 million tonnes (mnt) in August 2022 compared to 1.37 mnt last month, as per Customs data. Imports were up owing to an improved finished steel demand and got heavy discounts from imported scrap suppliers.
However, on a y-o-y basis, scrap imports decreased by 18% as against 1.95 mnt in August 2021.
Additionally, a total volume of 15.21 mnt has been imported by the country from January to August 2022, a 9% fall compared to the volume imported in the corresponding period of last year due to the temporary shutdown of mills in the initial months of 2022.
Country-wise shipments
- US top exporter: The US was the primary supplier to Turkiye with 281,207 t in August. Despite the drop in export volume by 26% m-o-m, Turkiye remained the top importer for the US.
- UK exports rebound: The United Kingdom was the second largest exporter at 235,126 t, a rise of 49 % m-o-m in volumes compared to 157,632 t in the previous month.
- Shipments from Netherlands double: The Netherlands was the third-largest exporter at 229,500 t. Volumes rose by 108% compared to 110,093 t last month.
Market scenario
- Crude steel output down: Turkiye’s crude steel production was 2.8 mnt in August, down 21% compared to the corresponding period last year, as per World Steel Association (WSA).
- Lira down against USD: The Turkish lira fell further against the dollar. One USD was 16.63 in June which fell to TRY 17.91 in July.
Outlook: Negotiations might remain slow in the market due to low finished steel demand. Market participants believe mills and buyers will postpone bookings till they achieve more discounted prices. However, suppliers remain reluctant to sell with sufficient discounts, while buyers need time to accept the higher prices.
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