Turkey slaps hefty anti-dumping tariffs on China, Russia, India, Japan steel imports

Turkeyimposed anti-dumpingdutieson somesteelimportsfromChina,Russia,IndiaandJapan, an Official Gazette announcement said on Friday, with the highest tariffs on Chineseimports, boosting stocks of flatsteelproducers.

Thedutiesaffect some fourmillion tons of productimportswith a value of some $2-2.2 billion, TurkishSteel Producers Association (TCUD) Secretary General Veysel Yayan told Reuters.

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Thedutiesrange from 6.10% to 43.31% of cost, insurance and freight prices in a move aimed at preventing unfair competition after appeals by domestic producers, the announcement said.

Ankara's decision comes amid rising trade tensions betweenChinaand the European Union over tariffs on electric vehicles, brandy and other goods, and followsChina's complaint to the World Trade Organisation on importdutiesimposed on Chinese EVs enteringTurkey.

An investigation into hot rolledsteelimportsfollowing domestic producers' appeals showed that the alleged dumping ofsteelthreatened to damage domestic production, said the Official Gazette, a state journal that publishes new legislation and other announcements.

Shares in Turkishsteelproducer Erdemir rose as much as 2.48% after the announcement, trading up 2.11% at 0900 GMT. Isdemir was up 2.2%.

"We view this development as positive for hot-rolled flatsteelproducers, particularly Isdemir and Erdemir," brokerage Deniz Yatirim said in a note, adding that it could have a supportive effect on sentiment for stocks in other sectors.

TCUD's Yayan said he expected the capacity utilisation rates of domestic producers to increase after the imposition of the anti-dumping duty on hot-rolled flatsteelimports.

Dutiesimposed onimportsfromChinarange from around 15% to 43%, and tariffs imposed on imports from Russia, IndiaandJapanrange from 6% to 9%, according to the decision.

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