Jul 27, 2020
SOUTH KOREA BECOMES ONE OF TURKEY’S LARGEST HRC SUPPLIERS
2020-07-29
As the COVID-19 pandemic hit demand notably, especially in April and May, Turkish buyers’ imports of hot-rolled coil in the first five month of the year remained lower than the same period the previous year. However, imports from some Asian countries, particularly South Korea and Japan showed some notable year on year surge in that period,S&P Global Platts observed from the latest Turkish Statistical Institute (TUIK) data.
Turkey imported 1.48 million mt of HRC in January-May, lower than 1.72 million mt imported in the same period the previous year, the data showed.
Despite a notable 46% on-year decline, Russia remained Turkey’s largest HRC supplier at 374,000 mt in the five-month period, while imports from Ukraine totaled 269,000 mt, higher than the 211,000 mt imported in the same period the previous year.
Some Asian suppliers raised their shares notably in the Turkish market this year with competitive prices. South Korea exported 132,550 mt of HRC to Turkey in the five-month period, sharply higher than 15,000 mt exported in January-May 2019.
According to the terms and conditions of the Free Trade Agreement (FTA) signed by Turkey and South Korea in 2013, the gradual reduction period in customs duties finished January 1, 2020 and the customs duty on all steel products from South Korea zeroed, as Platts has reported.
Turkish imports of HRC from Japan also surged in January-May to 62,380 mt, significantly higher than just 3,160 mt imported in the same period of 2019.
Imports from France remained strong in January-May at 153,000 mt, up 21% on year, while Romania shipped 113,200 mt of HRC to Turkey in the five-month period, down from 140,700 mt in the same period the previous year.
Turkey’s other HRC suppliers in January-May were the Netherlands (91,800 mt), Italy (59,300 mt), Brazil (46,700 mt), Germany (39,300 mt) and Belgium (34,600 mt).
Turkish buyers even imported 20,400 mt of HRC from Tanzania in January-May, Platts observed from the latest TUIK data.
— Cenk Can
Source: Eurometal
