Turkiye revised import duties for a wide range of steel products, including stainless steel cold-rolled coils and sheets. However, it is unlikely to bring significant changes in trading volumes.

On December 31, the Official Gazette of the Republic of Turkey published the results of the duties revision, with the rate increased from 8% to 12% for STS CR coils. Duties for other STS flat products were unchanged.#stainlesssteel

Although CR flats are the most imported item among all other STS products, the duty increase is not expected to impact import quantities significantly in the near future. “I don't think CR imports may fall this year, as 2023 volume was already very low. I don't expect it to go even lower,” the major trader in the country told SMR. Besides, rumors about possible import duty hikes in this segment were circulating among Turkish market insiders during the previous four months. #ssmaterial

“Sellers [in downstream sectors] never slow down their sales due to expectations of a possible increase in duty. Everybody needs to sell. They should just add 4% to the price of their products,” another STS industry insider in Turkiye said.