Turkey Imposes Anti-Dumping Duties on Steel Imports Amid Production Decline

Turkey Imposes Anti-Dumping Duties on Steel Imports

Turkey has recently imposed heavy anti-dumping duties on steel imports from key countries, including India, China, Russia, and Japan. Ranging between 6.10% to 43.31% of the cost, insurance, and freight (CIF) prices, this decision reflects Turkey's effort to prevent unjust competition following appeals from domestic producers last year.

Details of the Duties Imposed

• China: Duties range from 15% to 43%
• Russia, India, Japan: Duties range from 6% to 9%

This decision follows Turkey's investigation into hot-rolled steel imports after local producers expressed their concerns over alleged dumping. The investigation's preliminary results indicated that imported steel threatened domestic production.

Impact of the Tariffs

These tariffs come amid escalating trade tensions between China and the European Union, which have further complicated trade dynamics. Additionally, Turkey is facing a slump in steel production, with a decline of 4% to 33.714 million tons in 2023 compared to the previous year. Consequently, turkey steel exports have plummeted by 30.6% year-on-year, totaling only 10.5 million tons, leading to a 40.7% decrease in export revenues, down to $8.3 billion.

Future Expectations

As Turkey grapples with these challenges, steel imports have surprisingly increased by 15.5% year-on-year to 17.1 million tons, with import costs decreasing by 6.1% year-on-year to $14.6 billion. The future landscape for turkey steel production will largely depend on the efficacy of these newly imposed anti-dumping duties.