Turkey warns of new import controls to protect steel sector

Turkey’s economy ministry is planning to change some regulations in its import regime to protect the country’s steel sector from harmful import volumes, the ministry said on Wednesday July 27.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

“Global steel production capacity increased rapidly in 2000s, and the increase continues – especially in developing economies, due to government incentives,” the ministry said.

“The increase is expected to reach 2.4 billion tonnes in 2017,” it added. “The share of [this volume supplied by] countries outside the Organisation for Economic Cooperation & Development [OECD] will be 71%.”

Despite the significant increases in capacity, steel consumption will increase only moderately in the next few years, and the overcapacity may affect production flow negatively, the ministry said.

Volatility of input costs and increasing import volumes are other factors that must be considered.

Turkey has become a net importer of steel because of all these factors, so the ministry is watching the sector closely, the statement said.

The steel sector is of strategic importance to Turkey’s economy, the ministry added, and precautions such as new regulations on imports and trade policies will be brought in to protect the industry.

The Turkish Steel Producers’ Assn (TÇÜD) has also complained about Turkey becoming a net importer of steel.

What to read next
A summary of second-quarter and first-half results posted by Aluminium Bahrain (Alba) for the period ending June 30, 2022
The publication of Fastmarkets’ daily steel hot-rolled coil index, domestic, ex-works Northern Europe and daily steel hot-rolled coil index, domestic, exw Italy for Monday August 15 took place earlier than scheduled due to a reporter error.
Fastmarkets invites all nickel market participants to provide feedback on its initiative to launch a price for the physical mixed-hydroxide-precipitate (MHP) market.
Inquiries for supplies of low-carbon aluminium in Europe for 2023 are steadily increasing, leading a growing number of market participants to write the Fastmarkets low-carbon aluminium differentials into their contracts
The Inflation Reduction Act in the United States may ironically cause global metal market prices to rise for some metals used in electric vehicles (EVs), Fastmarkets sources said
Globalization, financialization and other key differences in today’s metals markets make comparisons to past periods of inflation potentially misleading. Fastmarkets experts discuss.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.