The European Commission (EC) has set definitive safeguard measures on 26 imported steel products in the form of tariff rates and a range of quotas that are partly annual and country-specific and partly quarterly and global. Any imports that exceed the quota become subject to a duty of 25%.
Prices did not immediately react to the EC announcement on Friday February 1. Fastmarkets MB’s domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week on Wednesday February 6 at €630-640 ($719-731) per tonne delivered.
The measures came into effect on February 2.
Market participants continue to digest the news; they expect prices to start to climb in the coming weeks but the price rise that followed the introduction of the preliminary measures has not yet been repeated, one distributor said.
“Our expectation was that with the introduction of the preliminary quota that there would be...