Tayfun İşeri at YISAD: Global flat steel trade value falls to $165 billion in 2018 amid protectionism

Tuesday, 30 April 2019 14:14:28 (GMT+3)   |   Istanbul
       

Speaking at the 7th YISAD Flat Steel Conference & SteelOrbis Market Talks held in Istanbul on April 30, Tayfun İşeri, international affairs director of Turkish steel producer Çolakoğlu Metalurji, stated the free trade agreements should be reviewed amid rising protectionist measures. He added that the uncertainty relating to the free trade agreement between the US, Mexico and Canada has disrupted efforts to develop alternative markets.

Commenting on the 50 percent duty on Turkish steel imports in the US, the Çolakoğlu official said that during a recent visit to the US Turkish trade minister Ruhsar Pekcan explained Turkey’s demands regarding trade with the US and said that a joint trade committee will discuss these issues in June and July.

As a result of protectionist measures, the value of the global flat steel trade decreased to $165 billion in 2018, Mr. İşeri said, pointing out that Turkey’s flat steel exports increased by 151 percent between 2015 and 2018. He stated that this increase was due to the fact that the EU imposed a global quota for hot rolled flat steel products on the basis of average imports in the last three years, while he indicated that Turkey was one of the countries which has benefitted most from this global quota. However, between 2015 and 2018, Turkey’s flat steel exports increased in every product group including galvanized products and plates as well. İşeri explained this increase by referring to the expansion of current capacities and new capacity additions.

The Çolakoğlu official indicated that Turkey has moved down to 11th place from 8th place among largest flat steel importers in the world, due to shorter delivery times and favorable payment terms in the domestic market, and the sharp depreciation of the Turkish lira. In response to flat steel users’ complaints about the nine percent duty on flat steel imports, Mr. İşeri said that the share of flat steel imports which are not subject to import duty because of Turkey’s inward processing regime stands at 73 percent, adding that this will probably exceed 80 percent when the customs duty on imports from South Korea expires in 2020.

 


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