In order to tackle the US steel tariffs and the EU’s tariff rate quotas, Turkish steelmakers are looking to expand in West Africa and other emerging markets, such as the Caribbean, South America and Southeast Asia, according to a Reuters report.
Namik Ekinci, board chairman for the Turkish Steel Foreign Trade Association, told Reuters that Turkey has the capability to produce the product types, like rebar and pipe, that West African and sub-Saharan countries consume, and accordingly Turkey has a chance in these markets.
Mr. Ekinci also stated that a union of Turkish exporters would jointly start a new company to penetrate the target markets through time charter shipments, aiming to increase Turkey’s market share in West Africa from below five percent to 15 percent by cutting shipping costs. The project is expected to cut Turkey's steel transport costs to West Africa to around $307/mt from nearly $100, making it significantly more competitive, Mr. Ekinci added.