Turkey to impose duties on Japan, China, Russia and India steel imports
An official gazette announcement declared that Turkey has decided to impose anti-dumping charges with countries such as Japan, China, Russia and India steel imports, with the highest tariffs on Chinese imports, boosting stocks of flat steel producers. These charges are aimed at preventing unfair competitions as appealed by domestic producers.
Approximately 4 million tons of imported products effected by these duties, valued at around $2 to $2.2 billion, according to Veysel Yayan, Secretary General of the Turkish Steel Producers Association (TCUD), in a statement to Reuters.
As per the announcement, the duties range from 6.10% to 43.31% of cost, insurance and freight prices.
Against the backdrop of rising trade tensions between China and the European Union over tariffs on electric vehicles, brandy, and other goods, Ankara’s latest decision follows China’s complaint to the World Trade Organization over the import duties imposed on Chinese EVs entering Turkey.
“We view this development as positive for hot-rolled flat steel producers, particularly Isdemir and Erdemir,” brokerage Deniz Yatirim said in a note, adding that it could have a supportive effect on sentiment for stocks in other sectors.
Duties imposed on imports from China range from around 15% to 43%, and tariffs imposed on imports from Russia, India and Japan range from 6% to 9%, according to the decision, as per the reports on Reuters.