The Turkish trade minister has called on countries to cooperate comprehensively against steel measures and preventive policies that disrupt the normal flow of trade.
“GLOBAL STEEL MARKETSGOT WORSE WITH THE PANDEMIC”
Addressing the Global Forum on Steel Excess Capacity Ministerial Meeting via videoconference, Ruhsar Pekcan said: “Unfortunately, in recent years, we observe that some major steel producer countries and country groups implement measures that disrupt the normal flow of trade and cause barriers to imports. In this regard, we should cooperate more comprehensively against these unfair measures and focus our attention on the main root cause of the problem.”
Underlying that coronavirus posed a risk of rising protectionist tendencies, Pekcan suggested that steel industry policies should be driven by market forces. Pekcan stressed that the global steel markets, which already experience various challenges due to excess capacity and low prices, got worse with the pandemic.
Noting that the World Steel Association estimations showed an improved outlook for steel demand this year and a stronger steel demand growth next year, Pekcan said: “Capacity compared to the demand in the steel sector remains wide and structural.”
Highlighting that steel excess capacity problem required collective solutions, Pekcan added: “Turkey supports the continuation of work by the Global Forum on Steel Excess Capacity.” “However, it can best serve its purpose with the participation of all major actors in its work,” she noted.
