The Turkish steel market has witnessed a significant transformation in its import patterns during the first nine months of 2024, with Ukrainian steel billet shipments showing remarkable growth despite overall market contraction. According to recent data from the Turkish Statistical Institute TUIK, Ukrainian billet exports to Turkey reached 129,400 metric tons, marking a 2.3-fold increase compared to the same period in 2023.
The broader Turkish steel import landscape presents a contrasting picture, with total billet imports declining by 16% year-over-year, reaching 2.08 million metric tons during January-September 2024. This decline reflects shifting market dynamics and changing supplier relationships in the global steel trade.
Russia maintains its position as Turkey's primary billet supplier, despite a substantial 61% decrease in shipments to 442,170 metric tons. Malaysia emerged as a strong competitor, securing the second position with 382,700 metric tons, representing a dramatic 134% increase. Indonesia and Algeria followed with 263,720 and 233,700 metric tons respectively, with Algeria noting a 42% decline from the previous year.
September 2024 proved particularly dynamic for the Turkish steel market, with total billet imports reaching 281,220 metric tons, showing a 3% increase from August and a remarkable 220% surge compared to September 2023. Ukraine's contribution to this growth was significant, with September shipments of 31,710 metric tons marking a 130% increase from August and a 220% rise year-over-year.
The historical context shows that Turkey's billet imports in 2023 totaled 3.07 million metric tons, representing a 22% increase from 2022. During this period, Russia dominated the market with 1.39 million metric tons, despite a 7.3% decline, while Algeria and Oman contributed 547,500 and 251,500 metric tons respectively.
Ukraine's position in the Turkish market has shown remarkable recovery from 2023, when shipments totaled 67,130 metric tons, marking a 42.9% decline from the previous year. The establishment of a sea corridor has opened new possibilities for Ukrainian steelmakers to expand their export capabilities to alternative markets beyond the European Union.
