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Turkey responds to external trade challenges
In response to growing competition and trade tensions, Turkey has announced anti-dumping duties on steel imports from China, Russia, India and Japan. According to information published in the country’s official gazette on Friday, the new duties will affect about 4 million tonnes of steel, worth approximately USD 2-2.2 billion, dailysabah reports.
Details of the new duties
The duties range from 6.10% to 43.31% of the value, including insurance and freight, according to Veysel Yayan, Secretary General of the Turkish Steel Association (TÇÜD). The move is aimed at preventing unfair competition and supporting domestic producers who have been suffering from growing imports of hot-rolled steel.
Increased trade tensions
This decision also follows the deterioration of trade relations between China and the European Union, where tariffs on electric vehicles and other goods have been increasing. It is also noted that China has filed a complaint with the World Trade Organisation (WTO) against import duties imposed on Chinese electric vehicles supplied to Turkey.
Market reaction to the new duties
The news of the new duties had a positive impact on the stock market. Shares of Turkish steel giant Erdemir rose by 2.48%, while Isdemir shares rose by 2.2%. Broker Deniz Yatırım stressed that the news could create a positive impetus not only for hot-rolled steel producers but also for other sectors of the economy.
Impact on domestic producers
According to Yayan, the introduction of anti-dumping duties should increase the level of capacity utilisation of domestic steel producers. This decision is important for the development of the industry, as it will help strengthen Turkey’s position in the international steel market. By taking such measures, Turkey is demonstrating its willingness to protect its producers from unfair trade practices, which in turn can strengthen the country’s economy.
