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| Pig iron |
Turkey’s Overall Pig Iron Imports Rise Despite Declining Costs
Despite the drop in Ukrainian supply, Turkey’s total pig iron imports increased by 3.3% y/y to 1.42 million tonnes. However, import costs saw a slight decline of 0.7% y/y, reaching $602.08 million.
In December 2024, Turkey imported 186.23 thousand tonnes of pig iron, a 0.6% decrease month-over-month (m/m) but a substantial 89% rise y/y. The value of these imports amounted to $69.09 million, reflecting a 6.4% m/m decline but a 71% y/y increase.
Kazakhstan’s Growing Influence in the Turkish Market
The Russian Federation remained the top supplier, delivering 936.53 thousand tonnes (-0.9% y/y) in 2024, with 123.8 thousand tonnes shipped in December (+35.2% y/y). However, Kazakhstan made significant gains, increasing its exports to 248.65 thousand tonnes, a major jump from 22.21 thousand tonnes in 2023.
This surge in Kazakh pig iron imports reshaped Turkey’s supplier ranking, pushing Ukraine to the third-largest supplier position with a 7% market share. Notably, in December 2024, Turkey did not import any Ukrainian pig iron.
Key Market Factors Influencing Turkish Imports
Several key factors influenced Turkey’s pig iron import trends in 2024:
- Kazakhstan’s growing presence disrupted market share distribution, affecting Ukrainian exports.
- Geopolitical issues and logistical challenges restricted Ukraine’s ability to maintain previous supply levels.
- Price adjustments in the global pig iron market led to lower import costs, even amid increasing demand.
Turkey’s steel industry remains strong, with crude steel production rising by 9.4% in 2024 to 36.89 million tonnes, ranking the country as the eighth-largest steel producer globally, according to the World Steel Association (WorldSteel).
