Turkey: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in Turkey

In 2023, after two years of growth, there was significant decline in the Turkish ferro-alloys market, when its value decreased by X% to $X. Overall, the total consumption indicated notable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Ferro-alloys consumption peaked at $X in 2022, and then contracted remarkably in the following year.

Ferro-Alloys Production in Turkey

In value terms, ferro-alloys production expanded markedly to $X in 2023 estimated in export price. In general, the total production indicated measured growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2017 when the production volume increased by X%. Ferro-alloys production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Ferro-Alloys Exports

Exports from Turkey

In 2023, overseas shipments of ferro-alloys decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, total exports indicated a temperate increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 when exports increased by X%. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, ferro-alloys exports shrank markedly to $X in 2023. Over the period under review, exports, however, showed buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then dropped remarkably in the following year.

Exports by Country

The United States (X tons), the Netherlands (X tons) and Japan (X tons) were the main destinations of ferro-alloys exports from Turkey, with a combined X% share of total exports. Italy, Slovenia, Algeria, North Macedonia, Sweden, Belgium, South Korea, Iraq, India and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for North Macedonia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the Netherlands ($X) and Japan ($X) constituted the largest markets for ferro-alloys exported from Turkey worldwide, with a combined X% share of total exports. Italy, Slovenia, South Korea, Belgium, Sweden, Algeria, North Macedonia, India, Iraq and China lagged somewhat behind, together accounting for a further X%.

North Macedonia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ferro-alloys export price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price, however, showed a strong increase. The pace of growth appeared the most rapid in 2022 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Iraq ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Alloys Imports

Imports into Turkey

In 2023, overseas purchases of ferro-alloys decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by X%. Imports peaked at X tons in 2022, and then shrank dramatically in the following year.

In value terms, ferro-alloys imports plummeted to $X in 2023. In general, imports, however, showed a perceptible increase. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then fell markedly in the following year.

Imports by Country

In 2023, India (X tons) constituted the largest ferro-alloys supplier to Turkey, accounting for a X% share of total imports. Moreover, ferro-alloys imports from India exceeded the figures recorded by the second-largest supplier, Norway (X tons), twofold. Ukraine (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (X% per year) and Ukraine (X% per year).

In value terms, India ($X), Norway ($X) and Russia ($X) appeared to be the largest ferro-alloys suppliers to Turkey, with a combined X% share of total imports. China, Ukraine, Iran, South Korea, Georgia, Gabon, Malaysia and South Africa lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Gabon, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average ferro-alloys import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked at $X per ton in 2022, and then fell remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform