Turkish exporters expect $1bn extra profit due to Russian sanctions

Additional income is due to quota shifts for non-EU countries

Turkish exporters assess additional profit due to the ban on the supply of Russian steel products to the EU at $1 billion. It is reported by Hellenic Shipping News.

Additional profit is expected due to quota shifts for non-EU countries.

“For this year Turkey’s quota is about 6.2 million tons. The quota shifts means approximately 1 million additional tons for Turkish steel”, said Ulgur Dalbeler, vice chairman Çolakoğlu Metalurj, a leading Turkish steel exporter.

Thus, Turkish exporters will have an additional export income of about $1 billion.

In recent weeks exporters have seen new demand especially from Baltic countries. At the same time, the local steel market in Turkey may face disbalance, and price rise after a sudden demand rise.

As a reminder, a week ago a Council European Union approved the fourth package of restrictive measures against Russia, including a ban on supply of Russian steel products to the EU totalling €3.3 billion.