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IDDMIB: Turkey must revoke antidumping duty on stainless steel

5 January, 2024 by
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Fikret Kaya, a member of the supervisory board at the Istanbul Ferrous and Non-Ferrous Metals Exporters' Association (IDDMIB), has strongly advocated for the removal of the eight percent antidumping duty imposed on stainless steel in Turkey. This particular type of stainless steel, predominantly sourced from the Far East, serves as a crucial raw material for various industries in Turkey. Kaya emphasized the necessity for Turkey to develop its own stainless steel production capabilities to replace imports. Highlighting the impact of the antidumping duty on Turkey's competitiveness, especially as the third-largest user of stainless steel in Europe, Kaya underscored the importance of local production for essential raw materials. He pointed out that cost calculations heavily rely on raw material prices and stressed the significance of producing key materials domestically. Kaya drew attention to Turkey's current practice of exporting scrap and ferrochrome at lower costs. He proposed that by utilizing ferrochrome within the domestic market, Turkey could enhance its competitiveness in export markets, adding a substantial 24 percent value to the cost of stainless steel raw materials alone. Considering the growing stainless steel consumption capacity in Turkey, which has reached approximately 550,000 metric tons, Kaya asserted the imperative need for local production to curb reliance on imports. To achieve this, he recommended the establishment of at least three stainless steel production plants in Turkey, aligning with the industrial practices of developed countries. This strategic move, according to Kaya, would not only boost Turkey's self-sufficiency but also reinforce its standing in the global stainless steel market.
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