Mining News Pro - According to the latest reports, Turkey has filed a complaint with WTO (World Trade Organisation) against the recent metal tariffs on steel and aluminium announced by U.S thus launching a process that starts with negotiations and could lead to a verdict by WTO.
According to Mining News Pro - Earlier this month, Whitehouse has doubled the tariffs on steel imports coming from Turkey from 25% to 50% citing continuous devaluation of Turkish currency Lira over past few months which made exports from Turkey more viable despite the presence of existing 25% tariffs.
In its complaint, Turkey has charged that Washington broke free trade rules when it initially imposed tariffs of 25% on steel and 10% on aluminium imports in June for most countries, with a few exceptions such as Argentina and Australia. However, the doubling of these rates amounts to an additional violation of trade rules.
Under WTO rules, Turkey and Washington now have 60 days to settle the dispute through negotiations. If they fail, the WTO may issue a ruling on the matter.
Last week, Turkey retaliated by raising tariffs on 22 U.S.-made products ranging from cars to tobacco.
Turkish HRC moving to Vietnam post doubling of U.S. tariffs
According to the market sources, post doubling of U.S. tariffs, Turkish hot-rolled coil is making its presence felt in Vietnam. Like other recent Turkish steel exports to East Asia, Turkish HRC offers are attracting attention because they are below the offers from other countries.
HRC from a Turkish mill is currently offered at USD 590/MT on CFR basis to Ho Chih Minh City but bids are being received at USD 585/MT CFR basis also. The offer is for a 40,000-tonne cargo. Traders have started offering Turkish HRC last week and HRC offers for end-November shipment are prevailing at USD 590-593/MT, CFR basis.
Chinese offers for HRC are prevailing at USD 595-600/MT, CFR basis depending on mill. Last week several deals for Chinese and Indian HRC took place at USD 592-593/MT, CFR basis.