Speaking to Turkish TV channel A Para and Bloomberg HT on the 15 percent export duty imposed by India on its steel exports, Uğur Dalbeler, vice president of the Turkish Steel Exporters’ Association, stated that, since supply in the global market has decreased due to the war between Ukraine and Russia, concerns about the increase in India’s exports have increased and that the duty has been introduced to prevent material shortages in the Indian domestic market.
Saying that India is a major competitor of Turkey in the global market, Mr. Dalbeler said that the fact that the export duty will increase the prices of Indian steel producers will boost the competitiveness of the Turkish steel industry.
Mr. Dalbeler stated that, although the costs of steel producers will increase with the export duty on finished products, the raw material will remain in the domestic market amid the 45 percent duty on raw material exports, benefiting Indian steel producers.
Regarding Turkey’s disadvantage in the global market, Dalbeler noted that Turkey is a poor country in terms of raw materials, that about 80-85 percent of the raw material used in its steel production are imported and that the country is also dependent on imports in terms of energy.
In addition, Dalbeler said that steel prices, which had suddenly increased after the war, are now normalizing, and that the appreciation of the dollar as a result of the rise in interest rates in the US last month has had an impact on all commodities. He added that prices have started to return to pre-war levels.