Turkey imported 763,000 mt of stainless steel coils over January-November, up 10.5% year on year, as supplies from China and Indonesia rose in the wake of an import duty cut, the latest monthly Turkish Statistical Institute data shared with S&P Global Commodity Insights showed.
Imports from China jumped 38% year on year to 358,000 mt during the period, while those from Indonesia surged 60% on the year to 165,000 mt.
Turkey imported 82,000 mt of stainless coil from South Korea in the first 11 months of 2022, down 37% on the year, while imports from Italy were relatively stable at 35,000 mt.
Turkey cut its duty on imports of cold-rolled stainless sheets to 8%, from 12%, from Jan. 1, 2022, following increased demand.
The tariff does not apply to the EU, with which Turkey has a free-trade agreement.
Platts, part of S&P Global, assessed 304 grade 2 mm 2B stainless CRC down $20/mt week on week at $2,600/mt CFR East and Southeast Asian ports Jan. 13
