Turkey has implemented anti-dumping duties on certain steel imports from China, Russia, India, and Japan, as announced in the Official Gazette on Friday. The highest tariffs are applied to Chinese imports, which has positively impacted the stock prices of flat steel manufacturers.

These duties will affect approximately 4 million tons of imported products, valued between $2 billion and $2.2 billion, according to Veysel Yayan, Secretary General of the Turkish Steel Producers Association (TCUD), in a statement to Reuters.

The tariffs, which range from 6.10% to 43.31% based on cost, insurance, and freight prices, are intended to curb unfair competition following requests from domestic producers, as noted in the announcement.

This decision by Ankara occurs against a backdrop of escalating trade tensions between China and the European Union regarding tariffs on electric vehicles, brandy, and other products, and follows China's complaint to the World Trade Organization concerning import duties on Chinese electric vehicles entering Turkey.

An investigation into hot-rolled steel imports, prompted by appeals from domestic producers, indicated that the alleged dumping of steel posed a threat to local production, as reported by the Official Gazette, which serves as a state publication for new legislation and announcements.

Following the announcement, shares of Turkish steel producer Erdemir increased by as much as 2.48%, trading up 2.11% at 0900 GMT, while Isdemir saw a rise of 2.2%.

Brokerage firm Deniz Yatirim expressed a positive outlook for hot-rolled flat steel producers, particularly Isdemir and Erdemir, suggesting that this development could enhance sentiment for stocks across other sectors as well.

Yayan from TCUD anticipates that the capacity utilization rates of domestic producers will rise following the enforcement of the anti-dumping duties on hot-rolled flat steel imports.

The duties on imports from China range from approximately 15% to 43%, while those on imports from Russia, India, and Japan are set between 6% and 9%, as detailed in the decision.