The Turkish Steel Exporters’ Association (CIB) has organized a trade delegation to Estonia and Latvia as part of its strategies to expand to new markets and seize current opportunities. With the participation of 17 Turkish steel exporting companies, negotiations have been held to strengthen their presence in the Baltic region by utilizing the opportunities arising due to the embargo imposed on Russia and to establish new collaborations.
Saying that, although Estonia and Latvia are not among the countries to which Turkey exports steel, the crisis between Ukraine and Russia has created new opportunities for Turkey, Adnan Aslan, CIB chairman, stated that the European embargo on Russia changed the balances in the steel imports of these two countries. Noting that Russia has been the biggest steel supplier to both countries, Mr. Aslan stated that in the first seven months of this year Estonia’s imports from Russia decreased by 50 percent year on year. Although Russia remains Latvia’s largest supplier, the country’s steel imports from Russia fell by 70 percent year on year. Mr. Aslan stated that these figures may decrease further as long as Europe’s embargo on Russia continues.
Noting that these two countries’ steel imports from Russia have decreased, while their steel imports from Turkey have increased significantly, the CIB chairman said that in the first nine months of this year Turkey’s steel exports to Estonia increased by 392 percent to 70,000 mt and its steel exports to Latvia increased by 30 percent to 21,000 mt, both year on year. Turkey’s share in the Latvian market increased from 1.8 percent to 4.1 percent, while its share in Estonia rose from 2.1 percent to nine percent. With the latest data, Turkey has managed to become one of the top five importing countries in Estonia. Aslan said he expects that Turkey’s exports to these countries will increase even more in the coming period.
Meanwhile, European steel demand has slowed down due to the recession, while lively demand in the North African, Middle Eastern and North American markets, where the presence of Russia and Ukraine has decreased, has created an important opportunity for Turkish steel exporters, Aslan noted.