Turkey's Scrap Metal Imports Soar 63% in 2024, Reaching Nearly 15 Million Tons

In the first nine months of 2024, Turkey's scrap metal imports have surged to nearly 15 million tons, reflecting a 63% increase compared to the same period in 2023. This growth is driven by a recovery in domestic steel production, which is crucial for supporting the construction and manufacturing sectors. The surge in imports underscores the strategic adjustments made by Turkish steel producers to meet rising demand, as they imported approximately 10.2 million tons of scrap during this timeframe, with the month of August alone accounting for 1.97 million tons—a 30.9% year-on-year increase.

The United States continues to be Turkey's largest supplier of scrap, contributing around 2.94 million tons in the January-August period, despite a slight decrease of 0.3% year-on-year. Other significant contributors include the Netherlands, which supplied 1.81 million tons (up 29.7%), and the United Kingdom, providing 1.46 million tons (up 42.9%). The average price for low-grade scrap has also risen, reaching approximately $410 per ton in August 2024, compared to $392 per ton in August 2023. This price increase reflects the ongoing tightness in supply and heightened demand for raw materials.

Looking ahead, industry analysts project that Turkey's scrap imports will continue to rise as steel production remains robust through the end of 2024. With an estimated annual steel production capacity of about 60 million tons, Turkey's utilization rates were around 58.5% in 2023, indicating room for growth. The anticipated demand is further supported by government initiatives aimed at infrastructure development post-earthquake recovery efforts. However, fluctuations in global scrap prices and potential supply chain disruptions may pose challenges to Turkish steelmakers as they navigate this evolving market landscape.

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