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Trump Trade War - Turkish steel mills eying Far East markets

Steel News - Published on Thu, 16 Aug 2018

Daily Sabah reported that Turkish steel producers, hindered by the US with additional taxes, have turned to the Far East to compensate USD 1.3 billion worth of exports. Mr Adnan Arslan, the chairman of the Steel Exporters Association (Ç?B), said “We will concentrate on the Far Eastern markets against the unjust sanctions of the US. We will increase our exports to the Far Eastern countries including Hong Kong, Singapore, the Philippines and Malaysia, and to South America. There is high potential in these markets."

Mr Aegean Ferrous and Non-ferrous Metals Exporters Association Chairman Yalç?n Ertan stated that 1.9 million tonnes of exports were made to the US last year, amounting to USD 1.3 billion. Recalling that in the first six months of 2018, they exported 800,000 tonnes of steel products worth USD 720 million, Ertan said with the additional taxes that the US has issued, steel prices have also risen. He added that their steel production does not meet the demand in the domestic market. Stating that Turkey will head for new markets, Ertan said, "From now on, we can export to west Africa, Central America, South America and Far Eastern countries. The steel production capacity in Turkey is 50 million tons. We can sell the steel we export to the United States anywhere in the world."

The Turkish Exporters Association (T?M), which formed a crisis table in relation to the events, is drawing a road map for the steps to be taken in the legal framework. T?M executives also informed that the issue will be examined by the WTO. They said "Trump's decision raises panic in buyers in the US. This decision is wrong and will be corrected soon. We are in contact with them. We have initiated the legal process.”

Source :

Posted By : Ratan Singh on Thu, 16 Aug 2018
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