Turkey's Tariffs Ignite Steel Industry Surge

Turkey has levied anti-dumping duties on steel imports from China, Russia, India, and Japan, primarily impacting Chinese products. The policy aims to protect domestic industries following complaints about unfair competition. This has positively influenced stock prices of Turkish steel producers like Erdemir and Isdemir.

Turkey has introduced anti-dumping duties on steel imports from China, Russia, India, and Japan, escalating trade tensions and protecting its domestic market. The highest tariffs were applied to Chinese imports, according to an Official Gazette announcement on Friday.

This move impacts approximately 4 million tons of steel, valued at $2-2.2 billion, said Veysel Yayan, Secretary General of the Turkish Steel Producers Association. The protective tariffs range from 6.10% to 43.31%, targeting unfair competition reported by domestic producers.

Erdemir's shares saw an increase of 2.48% following the announcement, while Isdemir's shares rose by 2.2%. The Turkish government's decision follows China's complaint to the World Trade Organisation about Turkish duties on electric vehicles, illustrating the growing trade friction in the region.

(With inputs from agencies.)