Turkey sets new duties on steel product imports from some OIC member countries

Turkey has set new customs duties on some flat and long steel products from Organization of the Islamic Conference, or OIC, member countries under the preferential trade arrangement framework agreement, with a presidential decree published June 25.

According to the decree seen by S&P Global Commodity Insights, the duties will be imposed from July 1 on some steel products imported from Bahrain, Bangladesh, the United Arab Emirates, Morocco, Iran, Qatar, Kuwait, Malaysia, Pakistan, Saudi Arabia, Oman and Jordan.

Hot-rolled coils under HS code 7208 will be subject to customs duties of 9% and 13%, depending on thickness and carbon content, while cold-rolled coils under HS code 7209 will be subject to a duty of 10%.

The duty for uncoated flat steel products with widths below 600mm under HS codes 7211 will be 15% and the duty for steel sections under HS codes 7216 will be 16.5%.

According to the decree, duty on CRC imports by the Turkish white goods sector will temporarily be 7%.

Industry sources also expect upward adjustments in customs duties on flat steel products from the EU and some Asian countries, as low priced imports, especially from some Asian producers, have been putting pressure on Turkish mills’ flat steel pricing.

The Turkish Trade Ministry is expected to announce the final decision on its antidumping investigation into HRC imports from the EU and South Korea in late-June or early-July, industry sources said.

Turkish mills HRC prices exceeded $1,200/mt in mid-March amid some availability issues due to the war in Ukraine, but have declined since April on low demand and was assessed by Platts at $750/mt FOB on June 24.

— Cenk Can