EU's new quota regulation to hit Turkish mills' HRC exports

摘要

Turkish mills' slammed the European Union's new import quota system, is expected to reduce Turkey's hot-rolled coil exports to that region, describing it as contradictory to World Trade Organization free trade rules. According to the EU's notification to the WTO, it will impose a country-specific quota on HRC imports as of July 1, instead of a global quota, which is expected to especially impact Turkey's exports. Turkey shipped more than 3 million mt of HRC to the EU region during a 12-month period to July 2019, while the country's HRC shipments fell to 1.5 million mt during July 2019-March 2020 period, annualized to 2 million mt. With the new quota regulation, Turkish mills can only ship 1.37 million mt of HRC to the EU region during the July 2020 to July 2021 period, a sharp on-year decline in export volumes.