US steel tariff will be reduced by half on steel products, but preferential trade agreement between United States and Turkey will end.
Turkey’s steel exports represented 7.6 percent of the total amount of goods country exported last year. Targeting over 200 countries, Turkey exported 8.7 million tons of steel and increased the exports’ value 40 percent during 2018.
Flat steel products’ exports increased by 38.6 percent to 641 thousand tons. A similar decrease was observed in exports of flat products with 536 thousand tons with 14.4 percent.
The European Automobile Manufacturers’ Association (ACEA) reacted to European Commission’s decision on steel imports in January.
EUROFER recently published its EU steel market outlook for 2019 following announcement of the European Commission finalized its safeguard measures on steel imports on Friday, February 1st 2019.
EU Steel imports have been under scrutiny by the European Commission following the surge of steel imports into Europe. The Commission announced provisional safeguards involving combined tariffs and quotas for European steel imports earlier this year in July.
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European steel market is getting back to stable footing in 2018. Nearing 2.5 million jobs, European Union’s steel market’s production and employment levels continue to rise. According to Eurofer’s report, European steel industry spends €3.9 billion in new machinery and labor annually.
Turkish steel exports experienced 27% increase compared to same period from last year with 8.4 billion tons. Analysts expect Turkey’s steel export shipments to exceed 11.5 billion from last year as global demand is booming.
Additional tariffs shocked the markets during 4-month period pushing local Turkish steel exporters to balance the market by shifting their attention to demand from South American countries such as Chile, Ecuador and Panama, and significantly increasing the exports to European Union countries lead by Italy, and Spain. According to Turkish Statistical Institute’s data, Turkey exported $13.8 billion in steel and finished steel goods, while 9% exports were made to the United States in 2017.