In August and early September, market sources expected prices to remain strong with support from the effects of a regional safeguard case, and a seasonal recovery in demand, but market sentiment had significantly changed by the middle of September.
The European Commission (EC) imposed preliminary measures in a safeguard case on July 18
, in the form of tariff rate quotas on 23 steel product categories, based on average import volumes over the past three years. Imports will face a 25% tariff if a quota is exceeded. Imported HRC, cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) are included in the product list.
The provisional measures will remain in place for a maximum of 200 days, with a definitive decision to be made by early 2019 at the latest.
Domestic prices moved upward in August, despite the seasonal summer slowdown, with the positive mood in the market being driven mainly by...