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Veysel Yayan: Fall in flat steel imports would reduce Turkey’s foreign trade deficit by 10%

Friday, 23 August 2024 17:22:02 (GMT+3)   |   Istanbul
       

Speaking to Turkish TV channel Bloomberg HT, Veysel Yayan, secretary general of the Turkish Steel Producers’ Association (TCUD), has stated that the increase in Turkey's steel imports from Far Eastern countries has negative consequences on the country’s economy. Pointing out that flat steel imports reached 9.5 million mt last year, Mr. Yayan noted that the country's foreign trade deficit would decrease by 10 percent if flat steel imports decreased.

Stating that there is excess capacity in the country corresponding to almost 60 percent of local demand, the secretary general of the TCUD said that the current large import volumes negatively affect the Turkish steel market, which faces problems due to the exchange rate. Noting that only 37 million mt of the 60 million mt steel capacity in the country will be used this year and that there is an idle capacity of approximately 24 million mt, Yayan stated that China has “invaded the market” by exporting most of its 1.15 billion mt capacity.


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