Turkey’s Steel Production and Market Trends in 2024
Turkey’s steel industry had a mixed year in 2024, with fluctuations in both production and consumption, but the overall trend indicated growth in exports and consumption. According to the Turkish Steel Producers' Association, Turkey's crude steel production in December 2024 experienced a decline of 7.6% year on year, reaching 2.97 million metric tons. Despite this decrease, the country saw a 9.4% increase in total crude steel production for the year, reaching a total of 36.89 million metric tons in 2024. This growth solidified Turkey’s position as the eighth largest crude steel producer globally in December 2024.
Finished Steel Consumption Shows Growth
Turkey's finished steel consumption in December 2024 increased by 11.4%, totaling 3.26 million metric tons, compared to the same period in the previous year. Over the entire year, the country's consumption grew by 0.6%, reaching 38.26 million metric tons in 2024. This steady demand for finished steel indicates a positive outlook for the domestic market, especially in key sectors like construction and automotive, which drive steel consumption in Turkey.
Steel Exports Surge, Adding to Turkey's Trade Strength
One of the standout trends in 2024 was the significant increase in steel exports. In December alone, Turkey's steel exports grew by 16.0%, reaching 1.3 million metric tons. The value of these exports also saw a notable rise of 11.9%, reaching $888.34 million year on year. For the entire year of 2024, Turkey's steel exports rose by 27.6%, totaling 13.4 million metric tons, with the export value increasing by 17.7% to reach $9.75 billion.
The increased steel exports were driven by both flat steel and long steel products, which amounted to 5.79 million metric tons and 7.26 million metric tons respectively for the year. This demonstrates Turkey’s robust presence in the global steel market, driven by its competitive pricing and high-quality production.
Steel Imports Increase Significantly in December
In contrast to exports, steel imports into Turkey saw a substantial increase in December 2024. The country imported 1.82 million metric tons of steel, a rise of 73.8% compared to December 2023. The value of these imports also surged by 37.8%, totaling $1.23 billion. This significant uptick in imports can be attributed to Turkey’s increasing demand for specific steel products not available domestically or at competitive prices.
For the full year of 2024, Turkey's steel imports rose by 1.7%, totaling 17.38 million metric tons, while the import value declined by 9.9% to $13.18 billion. Despite the increase in quantity, the decrease in value suggests a shift in the types of steel products imported, potentially focusing on lower-value or semi-finished steel products.
Improved Export-to-Import Ratio
An important indicator of Turkey’s growing trade balance in steel is the improvement in its steel export-to-import ratio. In 2024, this ratio rose significantly to 73.97%, up from 56.59% in the previous year. This improvement reflects Turkey’s stronger export performance compared to its import needs, suggesting a healthier trade balance and greater competitiveness in the international market.
Turkey's Scrap Imports Surge in 2024, Driven by Key Suppliers: A Deep Dive into the Data
Synopsis: In December 2024, Turkey saw a notable increase in scrap imports, growing by 11.9% compared to the previous year. The value of these imports also rose, reflecting a strong demand for scrap materials. The annual data shows a 6.7% rise in total imports, highlighting key suppliers like the US, Netherlands, and the UK.
Turkey's Scrap Imports Experience Robust Growth in 2024
In December 2024, Turkey's scrap import volume surged, reaching 1.86 million metric tons. This marked an 11.9% increase year on year, and a 5.6% increase from the previous month, according to the Turkish Statistical Institute. The value of these imports in December totaled $734.39 million, reflecting a 14.7% year-on-year increase and a 4.8% month-on-month increase.
This uptick in both volume and value indicates Turkey's growing demand for scrap, which is crucial for its steel production and manufacturing industries. As Turkey’s economy continues to recover and expand, it is expected that scrap imports will remain an important component of its industrial supply chain.
Annual Growth in Scrap Imports for 2024
In 2024, Turkey's total scrap imports amounted to 20.04 million metric tons, representing a 6.7% increase compared to 2023. The total value of these imports reached $8.33 billion, marking a 9.5% increase year on year. The rise in both import volume and value underscores Turkey’s growing reliance on scrap materials for its steel sector, which is a key driver of the country’s industrial output.
Top Scrap Import Sources
The following analysis highlights Turkey’s top 10 scrap import sources for 2024, revealing a diverse range of countries supplying scrap material to Turkey.
1. United States
• Total 2024 Imports: 4,532,575 metric tons
• Year-on-Year Change: +0.8%
• December 2024 Imports: 304,596 metric tons
• December 2024 Change: -24.4%
The US remains Turkey's largest supplier of scrap, despite a small 0.8% increase in imports for 2024. However, December saw a significant decrease in shipments, with a 24.4% drop compared to the same month in 2023. The overall stability of US scrap exports is crucial for Turkey's steel industry, but the sharp decline in December might reflect seasonal factors or shifts in market demand.
2. Netherlands
• Total 2024 Imports: 2,766,170 metric tons
• Year-on-Year Change: +27.8%
• December 2024 Imports: 240,143 metric tons
• December 2024 Change: -1.4%
Netherlands showed a strong 27.8% growth in scrap exports to Turkey in 2024, securing its position as one of Turkey's key suppliers. The month of December saw a minor 1.4% decrease compared to the previous year, but the overall growth reflects the Netherlands' expanding role in Turkey's scrap import network.
3. United Kingdom
• Total 2024 Imports: 2,216,705 metric tons
• Year-on-Year Change: +72.7%
• December 2024 Imports: 246,357 metric tons
• December 2024 Change: +219.6%
The United Kingdom experienced a remarkable 72.7% increase in scrap exports to Turkey for 2024, with December imports soaring by an impressive 219.6%. This sharp rise in the last month of the year highlights the growing importance of the UK in Turkey’s scrap import market, likely driven by competitive pricing or shifts in available scrap volumes in other regions.
4. Belgium
• Total 2024 Imports: 1,331,535 metric tons
• Year-on-Year Change: -11.7%
• December 2024 Imports: 189,637 metric tons
• December 2024 Change: +138.7%
Belgium, a key supplier in 2024, faced a year-on-year decrease in its total scrap exports to Turkey by 11.7%. However, December imports surged by 138.7%, suggesting that Belgium is regaining momentum in the market, potentially due to supply adjustments or improved availability of scrap material.
5. Lithuania
• Total 2024 Imports: 1,085,242 metric tons
• Year-on-Year Change: +44.1%
• December 2024 Imports: 151,557 metric tons
• December 2024 Change: N/A
Lithuania made significant strides in 2024, with a 44.1% increase in scrap exports to Turkey. Lithuania’s growing role as a scrap supplier aligns with Turkey’s increasing need for diverse and reliable sources of raw materials. December data for Lithuania was not available, but the annual growth signals positive trends in this partnership.
6. Denmark
• Total 2024 Imports: 935,754 metric tons
• Year-on-Year Change: -4.7%
• December 2024 Imports: 90,042 metric tons
• December 2024 Change: -27.2%
Denmark saw a slight decrease of 4.7% in total exports to Turkey in 2024. The December figure shows a significant drop of 27.2%, which may indicate logistical issues or shifting market conditions that are influencing Denmark's export volumes to Turkey.
7. Romania
• Total 2024 Imports: 913,174 metric tons
• Year-on-Year Change: -8.6%
• December 2024 Imports: 104,828 metric tons
• December 2024 Change: +1.9%
Romania’s exports to Turkey decreased by 8.6% in 2024, but December saw a slight uptick of 1.9% compared to the same month in 2023, indicating a modest recovery toward the end of the year.
8. Germany
• Total 2024 Imports: 645,504 metric tons
• Year-on-Year Change: -17.6%
• December 2024 Imports: 58,096 metric tons
• December 2024 Change: +79.8%
Germany, despite a 17.6% decrease in total scrap exports to Turkey for 2024, saw a massive increase of 79.8% in December. This reversal in trends suggests that Turkey's scrap needs from Germany may have been met later in the year, possibly in response to shifts in domestic supply.
