Turkey imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, an Official Gazette announcement said yesterday, with the highest tariffs on Chinese imports, boosting stocks of flat steel producers.
The duties affect some 4 million tonnes of imports with a value of some US$2 to US$2.2 billion, Turkish Steel Producers Association (TCUD) secretary general Veysel Yayan said.
The duties range from 6.10 percent to 43.31 percent of cost, insurance and freight prices in a move aimed at preventing unfair competition after appeals by domestic producers, the announcement said.
Photo: Reuters
Ankara’s decision comes amid rising trade tensions between China and the EU over tariffs on electric vehicles, brandy and other goods, and follows China’s complaint to the World Trade Organisation on import duties imposed on Chinese electric vehicles entering Turkey.
An investigation into hot rolled steel imports following domestic producers’ appeals showed that the alleged dumping of steel threatened to damage domestic production, said the Official Gazette, a state journal that publishes new legislation and other announcements.
Shares of Turkish steel producer Erdemir rose as much as 2.48 percent after the announcement, trading up 2.11 percent at noon local time. Isdemir was up 2.2 percent.
“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.
TCUD’s Yayan said he expected the capacity utilization rates of domestic producers to increase after the imposition of the anti-dumping duty on hot-rolled flat steel imports.
Duties imposed on imports from China range from around 15 percent to 43 percent, and tariffs imposed on imports from Russia, India and Japan range from 6 percent to 9 percent, according to the decision.
