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Turkey - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: May 15, 2024

Import of Iron and Steel in Turkey Drops Dramatically to $610M by 2023

Turkey Iron and Steel Imports

In 2023, overseas purchases of iron and steel decreased by -1.5% to 1.4M tons for the first time since 2020, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +3.5% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 29%. Over the period under review, imports attained the peak figure at 1.4M tons in 2022, and then dropped slightly in the following year.

In value terms, iron and steel imports contracted dramatically to $610M (IndexBox estimates) in 2023. Overall, imports, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 83% against the previous year. Imports peaked at $808M in 2022, and then dropped dramatically in the following year. Turkey Iron and Steel Imports By Country (Million USD)

COUNTRY	Import Value of Iron and Steel in Turkey (million USD)
COUNTRY	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Russia	129	164	168	98.3	244	296	271	213	316	520	403
Brazil	N/A	0.3	1.5	5.8	17.3	63.8	63.2	26.4	71.9	165	51.5
Ukraine	255	198	152	160	61.3	133	79.2	85.7	167	84.9	50.9
India	N/A	N/A	N/A	N/A	8.9	N/A	N/A	N/A	77.0	N/A	39.1
Germany	6.6	0.7	4.9	1.8	18.0	7.0	14.6	28.5	29.1	12.5	33.9
Kazakhstan	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	9.7
South Africa	20.7	28.2	12.9	8.6	10.2	9.2	16.1	6.5	10.9	16.3	9.3
Others	2.5	1.8	0.7	0.7	0.5	1.2	2.3	10.7	6.0	9.5	12.7
Total	414	393	341	275	361	509	447	371	678	808	610

Imports by Country

In 2023, Russia (945K tons) constituted the largest supplier of iron and steel to Turkey, with a 68% share of total imports. Moreover, iron and steel imports from Russia exceeded the figures recorded by the second-largest supplier, Brazil (110K tons), ninefold. Ukraine (109K tons) ranked third in terms of total imports with a 7.9% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from Russia totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+80.0% per year) and Ukraine (-15.9% per year).

In value terms, Russia ($403M) constituted the largest supplier of iron and steel to Turkey, comprising 66% of total imports. The second position in the ranking was taken by Brazil ($52M), with an 8.5% share of total imports. It was followed by Ukraine, with an 8.3% share.

From 2013 to 2023, the average annual growth rate of value from Russia totaled +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+75.4% per year) and Ukraine (-14.9% per year).

Imports by Type

In 2023, pig iron and spiegeleisen (1.4M tons) was the main type of iron and steel supplied to Turkey, accounting for a 100% share of total imports. It was followed by iron and non-alloy steel in ingots (3.1K tons), with a 0.2% share of total imports.

From 2013 to 2023, the average annual rate of growth in terms of the volume of pig iron and spiegeleisen imports amounted to +3.4%.

In value terms, pig iron and spiegeleisen ($606M) constituted the largest type of iron and steel supplied to Turkey, comprising 99% of total imports. The second position in the ranking was held by iron and non-alloy steel in ingots ($3.3M), with a 0.5% share of total imports.

Import Prices by Country

In 2023, the iron and steel price amounted to $442 per ton (CIF, Turkey), reducing by -23.4% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 74% against the previous year. The import price peaked at $577 per ton in 2022, and then reduced markedly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were South Africa ($533 per ton) and India ($526 per ton), while the price for Russia ($426 per ton) and Germany ($436 per ton) were amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Ukraine (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron and steel market in Turkey. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Turkey

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Turkey
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023

Turkey - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights

Import of Iron and Steel in Turkey Drops Dramatically to $610M by 2023

Turkey Iron and Steel Imports

Imports by Country

Imports by Type

Import Prices by Country

Product coverage:

Country coverage:

Data coverage:

Reasons to buy this report:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. MARKET OVERVIEW

4. MOST PROMISING PRODUCT

5. MOST PROMISING SUPPLYING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

7. PRODUCTION

8. IMPORTS

9. EXPORTS

10. PROFILES OF MAJOR PRODUCERS

LIST OF TABLES

LIST OF FIGURES

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