Turkey: Zinc Market 2024

Zinc Market Size in Turkey

In 2022, the Turkish zinc market increased by 11% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, saw a remarkable increase. Zinc consumption peaked in 2022 and is likely to see gradual growth in years to come.

Zinc Production in Turkey

In value terms, zinc production reduced remarkably to $X in 2022 estimated in export price. Overall, production, however, showed a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 125%. Zinc production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Zinc Exports

Exports from Turkey

For the third year in a row, Turkey recorded growth in shipments abroad of zinc, unwrought (not alloyed), which increased by 2,156% to X tons in 2022. Over the period under review, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, zinc exports skyrocketed to $X in 2022. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for zinc exports from Turkey, accounting for a 51% share of total exports. Moreover, zinc exports to Italy exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy amounted to +40.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and the United Arab Emirates (+91.9% per year).

In value terms, Italy ($X) emerged as the key foreign market for zinc, unwrought (not alloyed) exports from Turkey, comprising 51% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy stood at +47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and the United Arab Emirates (+97.1% per year).

Export Prices by Country

The average zinc export price stood at $X per ton in 2022, rising by 6.2% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc export price increased by +52.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 70% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Morocco ($X per ton) and Singapore ($X per ton), while the average price for exports to Greece ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Zinc Imports

Imports into Turkey

In 2022, supplies from abroad of zinc, unwrought (not alloyed) increased by 12% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 18%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, zinc imports skyrocketed to $X in 2022. Over the period under review, imports showed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 56% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Iran (X tons), Spain (X tons) and Kazakhstan (X tons) were the main suppliers of zinc imports to Turkey, together accounting for 67% of total imports. Uzbekistan, Bulgaria, Russia, Australia and Peru lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +82.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Iran ($X), Spain ($X) and Kazakhstan ($X) constituted the largest zinc suppliers to Turkey, together comprising 66% of total imports. Uzbekistan, Bulgaria, Russia, Australia and Peru lagged somewhat behind, together comprising a further 29%.

In terms of the main suppliers, Australia, with a CAGR of +92.7%, saw the highest rates of growth with regard to 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

The average zinc import price stood at $X per ton in 2022, surging by 19% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc import price increased by +57.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 38% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per ton) and Russia ($X per ton), while the price for Kazakhstan ($X per ton) and Uzbekistan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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