Turkey imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, an Official Gazette announcement said yesterday, with the highest tariffs on Chinese imports, boosting stocks of flat steel producers.
The duties affect some 4 million tonnes of imports with a value of some US$2 to US$2.2 billion, Turkish Steel Producers Association (TCUD) secretary general Veysel Yayan said.
The duties range from 6.10 percent to 43.31 percent of cost, insurance and freight prices in a move aimed at preventing unfair competition after appeals by domestic producers, the announcement said.
Photo: Reuters
Ankara’s decision comes amid rising trade tensions between China and the EU over tariffs on electric vehicles, brandy and other goods, and follows China’s complaint to the World Trade Organisation on import duties imposed on Chinese electric vehicles entering Turkey.
An investigation into hot rolled steel imports following domestic producers’ appeals showed that the alleged dumping of steel threatened to damage domestic production, said the Official Gazette, a state journal that publishes new legislation and other announcements.
Shares of Turkish steel producer Erdemir rose as much as 2.48 percent after the announcement, trading up 2.11 percent at noon local time. Isdemir was up 2.2 percent.
“We view this development as positive for hot-rolled flat steel producers, 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 utilization rates of domestic producers to increase after the imposition of the anti-dumping duty on hot-rolled flat steel imports.
Duties imposed on imports from China range from around 15 percent to 43 percent, and tariffs imposed on imports from Russia, India and Japan range from 6 percent to 9 percent, according to the decision.
CHIP RACE: Three years of overbroad export controls drove foreign competitors to pursue their own AI chips, and ‘cost US taxpayers billions of dollars,’ Nvidia said China has figured out the US strategy for allowing it to buy Nvidia Corp’s H200s and is rejecting the artificial intelligence (AI) chip in favor of domestically developed semiconductors, White House AI adviser David Sacks said, citing news reports. US President Donald Trump on Monday said that he would allow shipments of Nvidia’s H200 chips to China, part of an administration effort backed by Sacks to challenge Chinese tech champions such as Huawei Technologies Co (華為) by bringing US competition to their home market. On Friday, Sacks signaled that he was uncertain about whether that approach would work. “They’re rejecting our chips,” Sacks
NATIONAL SECURITY: Intel’s testing of ACM tools despite US government control ‘highlights egregious gaps in US technology protection policies,’ a former official said Chipmaker Intel Corp has tested chipmaking tools this year from a toolmaker with deep roots in China and two overseas units that were targeted by US sanctions, according to two sources with direct knowledge of the matter. Intel, which fended off calls for its CEO’s resignation from US President Donald Trump in August over his alleged ties to China, got the tools from ACM Research Inc, a Fremont, California-based producer of chipmaking equipment. Two of ACM’s units, based in Shanghai and South Korea, were among a number of firms barred last year from receiving US technology over claims they have
It is challenging to build infrastructure in much of Europe. Constrained budgets and polarized politics tend to undermine long-term projects, forcing officials to react to emergencies rather than plan for the future. Not in Austria. Today, the country is to officially open its Koralmbahn tunnel, the 5.9 billion euro (US$6.9 billion) centerpiece of a groundbreaking new railway that will eventually run from Poland’s Baltic coast to the Adriatic Sea, transforming travel within Austria and positioning the Alpine nation at the forefront of logistics in Europe. “It is Austria’s biggest socio-economic experiment in over a century,” said Eric Kirschner, an economist at Graz-based Joanneum
OPTION: Uber said it could provide higher pay for batch trips, if incentives for batching is not removed entirely, as the latter would force it to pass on the costs to consumers Uber Technologies Inc yesterday warned that proposed restrictions on batching orders and minimum wages could prompt a NT$20 delivery fee increase in Taiwan, as lower efficiency would drive up costs. Uber CEO Dara Khosrowshahi made the remarks yesterday during his visit to Taiwan. He is on a multileg trip to the region, which includes stops in South Korea and Japan. His visit coincided the release last month of the Ministry of Labor’s draft bill on the delivery sector, which aims to safeguard delivery workers’ rights and improve their welfare. The ministry set the minimum pay for local food delivery drivers at
RSS