Eregli hikes tinplate price in local market as duties go up

Eregli hikes tinplate price in local market as duties go up

Turkish integrated flat products producer Erdemir (Eregli) announced that it has raised tinplate sales prices in local market to be effective from December 30th, 2002. Accordingly tinplate in sheet sales price is raised from $550/mt base + VAT to $570/mt base + VAT, where as tinplate in coils are now sold at $540/mt base + VAT instead of previous $530/mt base + VAT. All prices are on FOT/FOB Eregli basis. As new year started, the market was surprised by the news that the government has incrased import duty of tinplate upto 14%. This meant tinplate import duty has been raised twice in only two years by the Turkish government in an effort to protect the market and local industry.