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The European Commission launched an anti-dumping investigation on Turkish hot-rolled coils (HRC) in April, Luxembourg-based steelmaker ArcelorMittal said today.
ArcelorMittal reconfirmed the information during a webcast this afternoon, but removed the initial statement from its release issued this morning. The statement read: "In April 2020, a new AD investigation has been opened versus HRC from Turkey." The company did not return a request for comment.
Sources close to the matter said if the probe had not been launched yet, it was imminent after evidence and a petition was submitted to the commission in April, claiming a 4-8pc dumping margin. There was chatter about a submission of evidence on a hot-dip galvanised case as well.
The World Trade Organisation confirmed it had not received a notification from the commission about a new investigation, while a spokesperson for the commission said they were unable to provide more information beyond what is available publicly.
No market participants, including at mills across Europe and Turkey surveyed by Argus this morning, had been made aware of the move. European steel association Eurofer declined to comment, saying "we constantly monitor trade flows to and from the EU to assess whether trade is being conducted under fair conditions".
European mills, led by ArcelorMittal, have been pushing for action against Turkish HRC for years, and sources close to the matter said efforts have intensified recently with the mills gathering evidence to present to the commission, amid increasing imports and declining demand across the continent especially in the context of the Covid-19 pandemic.
Turkey was flagged in a previous dumping case against other countries but subsequently removed.
In any case, the statement in today's release had a big impact on the Turkish market, with buyers in both Europe and Turkey retracting from the market, amid expectations they will be able to obtain more favourable prices from Turkish mills.
