Turkey's Steel Exports Surged 26% in 2017

SEATTLE (Scrap Monster): The data released by the Turkish Steel Exporters’ Association (CIB) suggests significant jump in exports of steel from the country during the previous year. According to Namik Ekinci, Chairman, CIB, the country’s steel exports totaled 17.8 million tons in 2017, considerably higher by nearly 8% when matched with 2016. The Turkish steel exports had totaled around 16.5 million tonnes in 2016. The value of steel exports surged higher significantly over 26% to total $115 billion.

Analyzing the export trends for the year 2017, Ekinci stated that the political instability in the Middle East region led to decline in steel exports to that region. Moreover, the establishment of domestic steel industry in a few of the major export destinations has negatively impacted the exports. The anti-dumping investigations and severe duties imposed by several countries including the US too impacted exports during the year.

Recent change in policy, resetting the import tariffs on construction steel leaves the Turkish market open to dumping of these products by other countries including Russia, Ukraine and China.

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The CIB expects the momentum in steel exports by the country to sustain in 2018. The Turkish steel exports are likely to grow further in 2018 despite all obstacles, contributing significantly to the country’s economy.

The trade association criticized the US administration for not acting fair on imposition of duties. It noted that the US decision to grant exemption on duties to its allies may likely increase global competition and will have a negative impact on the Turkish steel industry. Incidentally, the U.S. is one of the key markets for Turkish steel products export, accounting for nearly 10% of the total exports. The association is in talks with the US administration to get Turkey placed among the exempted countries, it added.