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Turkey enforces tasks on China, Russia, India, Japan steel imports

Turkey imposed antidumping responsibilities on some steel imports from China, Russia, India and Japan, an Authorities Gazette statement stated on Friday, with the highest tariffs on Chinese imports, improving stocks of flat steel manufacturers.

The duties impact some 4 million tons of item imports with a value of some $2-2.2 billion, Turkish Steel Manufacturers Association (TCUD) Secretary General Veysel Yayan told Reuters.

The responsibilities vary from 6.10% to 43.31% of expense, insurance coverage and freight prices in a relocation targeted at avoiding unfair competition after appeals by domestic manufacturers, the announcement stated.

Ankara's choice comes amid rising trade stress in between China and the European Union over tariffs on electric vehicles, brandy and other goods, and follows China's complaint to the World Trade Organisation on import tasks imposed on Chinese EVs getting in Turkey.

An examination into hot rolled steel imports following domestic producers' appeals showed that the supposed dumping of steel threatened to damage domestic production, said the Official Gazette, a state journal that publishes new legislation and other announcements.

Shares in Turkish steel producer Erdemir rose as much as 2.48% after the statement, trading up 2.11% at 0900 GMT. Isdemir was up 2.2%.

We see this advancement as positive for hot-rolled flat steel producers, especially Isdemir and Erdemir, brokerage Deniz Yatirim stated in a note, adding that it might have a supportive impact on belief for stocks in other sectors.

TCUD's Yayan stated he expected the capability utilisation rates of domestic manufacturers to increase after the imposition of the anti-dumping duty on hot-rolled flat steel imports.

Duties imposed on imports from China variety from around 15%. to 43%, and tariffs imposed on imports from Russia, India and. Japan range from 6% to 9%, according to the decision.

(source: Reuters)