Turkey's steel exports tumble due to anti-dumping probes
A worker operates a furnace at a steel plant in Hefei, Anhui province August 18, 2013. REUTERS/StringerTurkey’s steel imports have plunged by 10 percent in the first eight months of the year due to anti-dumping investigations launched against Turkish steel products in America.
Steel exports dropped to 9.5 billion. When looked at based on quantity, the drop is less, at 5 percent. However, the 12.7 million tons of steel exported is far from impressive, as steel is one of Turkey’s signature export products.
Exports have been hurt mainly 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.
In addition, Colombia recently initiated three separate antidumping probes into rebar, wire rod and steel section imports from Turkey. The products in question accounted for 73.9 percent of the total exports to the country in the first seven months of this year, according to data from the Turkish Steel Exporters Association (ÇİB).
The association’s chairman, Nemık Ekinci, said Turkish exporters were experiencing tough times due to protective trade measures, as well as global market conditions. The Turkish sector is easily affected by these conditions, Ekinci said, particularly citing recent heated political incidents in the Middle East that have damaged export figures to Egypt and Saudi Arabia.
The Middle East still receives the lion share of steel exports, with 5.67 million tons of steel being sent there. The EU is next at 1.92 million tons, while North Africa is third highest with 1.36 million.
The Far East, usually an insignificant market for Turkish exporters, has emerged as an alternative choice, with slight rises seen in goods sent to Thailand and Indonesia.