October 03
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Western sanctions against Russia have given the Turkish steel sector an opportunity to serve as a warehouse and bridge. This was stated by the head of Istanbul Association of Exporters of ferrous and nonferrous metals (IDDMIB) Cetin Tekelioglu, citing increased interest from Russian companies, as well as companies from the EU seeking to sell to Russia through Turkey, Reuters reports.

He said Russia has increased demand for Turkish products, which it can no longer receive from European companies, and Turkish companies have received requests from European companies to supply Russia through Turkey.  "What they (Russia) cannot buy from Germany, Italy and France, they are buying from us. Separately, a lot of EU companies are planning to sell their products to Russia via Turkey," he told reporters.

"They want to use Turkey as a warehouse and bridge, while Russia wants supply from Turkey," he said, adding that it was an "historic opportunity" for Turkish companies.

He did not name the companies or specify their numbers, but said they produce copper, aluminum, kitchenware and equipment.

According to IDDMIB, Turkey's ferrous and nonferrous metal exports in the first seven months of 2022 totaled 8.9 billion lira ($495.58 million), up 33 percent from a year ago. They accounted for 6.2% of Turkey's exports.

The data also showed that Turkey's ferrous and nonferrous metal exports to Russia rose 26% year on year to $170 million by Aug. 8.

Tecdelioglu said this could provide another opportunity for Turkish metal exporters.

Relations between the West and China also deteriorated after U.S. House Speaker Nancy Pelosi's visit to Taiwan last week, which Tekdelioğlu said is another potential opportunity for Turkey. "We are receiving signals of some opportunities," he said.

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