Turkish Steel Industry slowdown puts Scrap imports under pressure in January

By Vibin Antony
Turkish scrap imports declined sharply during the first month of this year due to the slowdown of performance in the Turkish steel industry.

 

As per the Turkish Statistical Institute (TUIK), nation's total scrap imports during January declined sharply by around 29% year-on-year to 1.38 million metric tons and slightly up from previous month. Turkey had imported 1.95 million tons of scrap in January last year.

 

United Kingdom is the largest exporter of scrap to Turkey during January with 424,703 metric tons, representing 30% of the total Turkish imports during the month. Turkish imports from the UK advanced sharply by around 59% month-on-month in January.

 

The first few weeks of January proved to be the calm before the storm for imports of ferrous scrap into Turkey, with TSI’s index moving down by $8 a ton over the first three weeks of the month. This was a continuation of the relatively quiet market seen since mid-December, with only a handful of car-goes booked over this period as a consequence of mills being well-stocked.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)