Turkey’s steel exports down amid trade probes

ISTANBUL - Reuters

Turkey’s steel exports declined by 6.6 percent on a quantity basis and 10.5 percent on a value basis in the first nine months of the year due to the anti-dumping probes against Turkey’s steel producers, ongoing fluctuations in the global economy, and the decreasing trend in commodity prices.

Steel exports dropped to 14.5 million tons in quantity, but this is far from impressive as steel is one of Turkey’s signature export products.

The Middle East still receives the largest share of steel exports, with 5.8 million tons of steel being imported there. The EU comes next at 2.09 million tons, while North Africa is the third highest with 1.4 million.

Exports have mainly been hurt because of the recent anti-dumping probes into Turkish steel goods.

The United States launched one of its biggest trade investigations in years into charges that manufacturers in nine countries, including Turkey, are selling steel pipes used by oil and natural gas producers at unfairly low prices. Turkey’s steel exports to the county decreased by 12.8 percent in the first nine months of the year.

In addition, Colombia recently initiated three separate anti-dumping probes into rebar, wire rod and steel section imports from Turkey.

In addition to these, the chaotic environment in Egypt and Syria has affected the steel exports to the region. Turkey’s steel exports to Egypt decreased by 45.1 percent and to Saudi Arabia by 39.6 percent.