European buyers have been either buying imported HRC on short delivery times or sourcing material from domestic mills due to expectations of a preliminary decision in a safeguard case, the sources said.
The European Commission (EC) opened a safeguard investigation into 26 steel products in late March
in an attempt to prevent the redirection of steel shipments originally destined for the United States to the EU market. Among other products, the case will look into hot-rolled steel sheet and strip.
Because the decision in the safeguard case is linked to the Section 232 measures in the US, European market sources are not sure when the EC might decide on any measures it might take.
“The safeguard case is connected to Section 232 [so] it is hard to predict any timeline in the [EU] case,” a trader said. “There are a lot of rumors...