Consumers and traders in Turkey have taken the place of some European buyers of CRC from Russia, and flat steel producers in India and South Korea have also found fresh demand for their material.
But while Russian producers have apparently lost margin by redirecting their CRC to less premium markets, the EU itself has seen its domestic prices for the product rise as a result of the reduction in imports and last year’s spike in raw materials prices.
That follows the same pattern as last year’s introduction of EU import tariffs on hot dipped galvanized coil (HDG), which led to a rise in domestic HDG prices in Europe
And the EU’s next target is hot rolled coil (HRC) – from Russia, Ukraine, Brazil, Iran and Serbia – with an anti-dumping probe begun last year. However, the international consequences of that move will not be known for some time.