On 1 July 2024, Turkey announced the commencement of an anti-dumping investigation against cold-rolled stainless steel imports from China and Indonesia. The probe, initiated on 28 June 2024, follows a period of speculation and pressure from Turkish steel mills. This move is anticipated to stabilize and potentially raise stainless steel prices in Turkey, potentially making EU imports more attractive.
Rising Raw Material Prices in Early 2024
The first half of 2024 has seen significant increases in raw material prices. Oil prices surged by over 12%, with U.S. petrol futures climbing more than 20%, driven by OPEC+ production cuts. Industrial metals also experienced notable price hikes, with tin rising 26% and copper 11%. The copper market, in particular, saw a record high in mid-May due to a growing supply deficit.
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