Although not many deals have been reported due to the seasonal summer slowdown, the outlook is positive and sellers are likely to achieve transaction price increases after the rise in official offers, according to market participants.
The increase is supported by a lack of buyer interest in imported plate due to the upcoming decision in an European Commission safeguarding case.
The EC told EU member states earlier this month that it intends to introduce provisional safeguard measures on imports of 28 steel products in the form of a tariff rate quota (TRQ).
Additional duties will be levied only after import volumes exceed the TRQ, which will be based on normal import levels from 2015-17.
The EC opened the investigation into imported steel products in late March, in an attempt to prevent steel shipments being redirected to the EU market as...