COULD PROVE POSITIVE
from this tax leading to a significant increase in Turkey’s exports to these countries. Exports to Canada alone, where imports can be redirected to the U.S., more than doubled. However, the temporary exemption was lifted in June, eliminating the possibility of indirect exports. But according to Adnan Aslan, President of the Union of Steel Exporters, the Turkish steel sector has the potential to benefit from the tariffs because with the increase of steel prices in the U.S., Turkish steelmakers can continue to sell goods at be cheaper price despite the added tax. Sector representatives are expecting to compensate for some of the losses in the U.S. market in the third and fourth quarters this year.
Aslan assessed the performance of the Turkish steel industry for the first five months. “The amount of steel quantity-based exports has declined by 5.1 percent to 7.8 million tonnes compared to the same period last year. On a value basis, we see an increase of 20 percent to $5.9 billion. World steel prices are on the rise. We anticipate that by the end of 2018, our value-based steel exports will increase by 30 percent to $15 billion compared to 2017,” he said.