Turkey imposes duties on China, Russia, India, Japan steel imports (updated)

Iskenderun Demir Ve Celik

11/10/2024 10:35

(Adds stocks in paragraph 6, association in paragraph 2,
brokerage comment in paragraph 7)
       ANKARA, Oct 11 (Reuters) - Turkey imposed anti-dumping
duties on some steel imports from China, Russia, India and
Japan, an Official Gazette announcement said on Friday, with the
highest tariffs on Chinese imports, boosting stocks of flat
steel producers.
        The duties affect some 4 million tons of product imports
with a value of some $2-2.2 billion, Turkish Steel Producers
Association (TCUD) Secretary General Veysel Yayan told Reuters.
  
    The duties range from 6.10% to 43.31% of cost, insurance and
freight prices in a move aimed at preventing unfair competition
after appeals by domestic producers, the announcement said. 
    Ankara's decision comes amid rising trade tensions between
China and the European Union 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 EVs
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 in Turkish steel producer Erdemir  EREGL.IS  rose as
much as 2.48% after the announcement, trading up 2.11% at 0900
GMT. Isdemir  ISDMR.IS  was up 2.2%.
        "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 utilisation
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%
to 43%, and tariffs imposed on imports from Russia, India and
Japan range from 6% to 9%, according to the decision. 
    

 (Reporting by Ceyda Caglayan, Mehmet Dinar, Can Sezer; 
Writing by Tuvan Gumrukcu and Canan Sevgili; Editing by Tom
Hogue, Daren Butler and Sharon Singleton)
 ((tuvan.gumrukcu@tr.com; @tuvangumrukcu; Reuters Messaging:
tuvan.gumrukcu.thomsonreuters.com@reuters.net))