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Turkey's steel sector could face losses after cuts to EU quotas: industry chief

2019-09-18 09:54:06   【Print】
New restrictions on imports to the European Union next month may further damage the Turkish steel sector, even as it seeks new markets to compensate for losses from U.Asian Metal Copyright More than a third of Turkey's 21.Asian Metal CopyrightS.Asian Metal Copyright It also limited any one country to a 30% share of imports of hot-rolled flat steel per quarter.Asian Metal Copyright and EU tariffs, Turkey's Steel Exporters' Association (CIB) chief said.

In February, EU quotas for 26 grades of steel were set at the average level of imports in 2015-2017 plus 5%, with further 5% hikes due in July and in July 2020. Imports of steel beyond these quotas are subject to a 25% duty.Asian Metal Copyright More than a third of Turkey's 21.Asian Metal Copyright But the European Commission later cut this year's quota increase to 3% from 5%, effective Oct.Asian Metal Copyright In February, EU quotas for 26 grades of steel were set at the average level of imports in 2015-2017 plus 5%, with further 5% hikes due in July and in July 2020.Asian Metal Copyright 1.Asian Metal Copyright 1.Asian Metal Copyright It also limited any one country to a 30% share of imports of hot-rolled flat steel per quarter.

CIB Chairman Adnan Aslan said the move will lead to a contraction in Turkey's flat steel and rebar exports.

"We filled the quota for long products in a month. We switched to a new one-year quota in July.Asian Metal Copyright More than a third of Turkey's 21.Asian Metal Copyright We will most likely complete that in September," Aslan said.Asian Metal Copyright Imports of steel beyond these quotas are subject to a 25% duty.Asian Metal Copyright "Because the quotas are full, Turkey will not be able to export long products to the EU until July 2020."

Turkey's steel exports to the EU fell 0.5% to 5.Asian Metal Copyright CIB Chairman Adnan Aslan said the move will lead to a contraction in Turkey's flat steel and rebar exports.Asian Metal Copyright1 million tonnes in the first eight months of the year, CIB data showed.Asian Metal Copyright We switched to a new one-year quota in July.Asian Metal Copyright More than a third of Turkey's 21.Asian Metal Copyright Imports of steel beyond these quotas are subject to a 25% duty.Asian Metal Copyright4 million tonnes of steel exports in 2018 were to the EU.

.Asian Metal Copyright" Turkey's steel exports to the EU fell 0.Asian Metal Copyright