Turkey imposes anti-dumping duties on Chinese steel imports

Turkey imposes anti-dumping duties on Chinese steel imports

Turkey imposes anti-dumping duties on Chinese steel imports

Turkey has imposed anti-dumping duties on Chinese flat non-rolled steel imports at levels of 16.9 percent-22.6 percent, the Turkish Official Gazette said on Nov. 29.

The duties are imposed at a level of 16.89 percent for Jiangyin Xingcheng Special Steel Works Co. Ltd. and 22.55 percent for other companies, according to the Official Gazette, which announces Turkish state regulations and rulings, as reported by Reuters.

A probe on such imports from China was commenced in December 2016 by the Economy Ministry in line with the request of Turkey’s steel giant Erdemir.

In a note, İş Investment said the share of flat non-rolled steel products in Erdemir’s sales was not more than 3 percent and the recent development would make a quite limited impact on the company’s stocks.

Erdemir’s stocks rose 1 percent to 8.72 Turkish Liras in early trading in the Istanbul main stock exchange.

Turkey to set record in steel production

Meanwhile, Turkey expects to set a record in steel production by the end of 2017, the chairman of Turkish Steel Producers’ Association said on Nov. 29.

“We foresee a record in steel production by exceeding 36 million tons by the end of this year,” Fuat Tosyalı told state-run Anadolu Agency.

He said a market boom in China and the intensity of domestic infrastructure investment played significant roles in increasing steel production by boosting demand.

Turkey’s crude steel production rose 13.3 percent on an annual basis in the first 10 months of 2017, reaching 31.05 million tons, according to the association’s latest report released on Nov. 16.

“The government is still in a position of being the biggest employer. It has serious infrastructure investments. Meeting its steel needs is our duty,” Tosyali stated.

He said they will continue investments in 2018 as well, contributing to employment, economic growth and exports.

“We believe that we will have a more dynamic year in 2018,” he added.