9,006.55 TRY BIST 100 BIST 100
4.84 CNY CNY CNY
34.24 USD USD USD
37.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.62 TRY Interest Interest
72.99 USD Fossil Oil Fossil Oil
33.70 USD Silver Silver
4.35 USD Copper Copper
103.78 USD Iron Ore Iron Ore
375.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,067.38 TRY Gold (gr) Gold (gr)

Steel production may stop in October or November

It will impose sanctions on Canada's steel products manufactured with Russian raw materials or intermediate goods.

Steel production may stop in October or November

Evaluating the warning letter sent by the USA to Turkish business organizations regarding the sanctions, Steel Exporters' Association (CIB) Vice President Uğur Dalbeler said, "Russia's playing field has narrowed." Uğur Dalbeler reminded that Canada will impose sanctions on steel products produced with Russian raw materials or intermediate goods.

Stating that many sectors doing business with Russia, especially the steel industry, will be affected by possible sanctions, Dalbeler stated that there will be problems in the export of products imported from Russia in the coming period, after they are processed in Turkey, and that Canada, for example, started this practice. Dalbeler said that Russia's playing field has narrowed and the only market for Russia is Turkey. He stated that Russia reduced the prices of the steel it exports to Turkey, which negatively affected the competitiveness of the domestic producer in Turkey. Dalbeler said that if no action is taken in the upcoming period, they may stop their activities in October or November due to the weakening of their competitive power.

Canada takes the first step

Dalbeler stated that Russian steel producers have taken an even more aggressive stance in the Turkish market due to the sanctions they face in the USA and EU, and they are trying to increase their activities in Turkey with dumped prices well below the market. He underlined that this situation creates a very serious unfair competition environment and creates irreparable damages especially for Turkish manufacturers who do business with the EU and the USA and care about the sanctions.

On the other hand, Dalbeler stated that another danger is that products produced with Russian raw materials and intermediate goods may face sanctions in the future, and that Canada has announced that it will impose sanctions on steel products produced with Russian raw materials or intermediate goods. Stating that Canada has started a “circumvention” in construction steel in this direction, Dalbeler emphasized that similar investigations are likely to start in the EU and the USA for other products, and therefore Turkish manufacturers should pay attention to this issue.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

EU steel pipe production expected to decrease in 2024

Friday, November 1, 2024

CVK Madencilik agreed with the contractor for its new project for 45.6 million TRY

Friday, November 1, 2024

World Container Index increased by 129%

Friday, November 1, 2024

India stands out in the global steel market with its economic growth

Friday, November 1, 2024

Iron ore prices decreased by 10% in October

Friday, November 1, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now