European Commission to use recent data for HRC quota
The European Commission will use relatively recent market shares of main exporters when drawing up country-by-country volumes for hot-rolled coil (HRC).
The commission is currently reviewing its definitive steel safeguards. The HRC quota will be amended from a global to country-by-country basis, given the steep rise in imports from certain regions.
The exact period to be used by the commission to determine HRC market shares is unclear. The investigation period was 2015-17 for the country-by-country quotas in place on all other products. But HRC volumes from some countries have risen dramatically since then, and using the same period could restrict availability at a time of mill consolidation.
The EU 28 imported 3.544mn t from Turkey over 2015-17, which works out to 1.181mn t/yr. But average imports rise steeply to 1.927mn t/yr if the period is shifted forward to 2016-18. And Turkish imports in the first five months of this year have risen by 42pc from the year-earlier period to 1.647mn t, putting them at an annualised rate of 3.95mn t/yr.
The commission's move is a compromise between consumers, importers and mills, as Turkey will be able to roughly maintain volumes but not grow them any further. Turkish volumes rose precipitously in the first quarter of this year, as competitive material booked over the fourth quarter – after it was hit with a 50pc import duty into the US in August - started to arrive.
But Turkey's net HRC trade surplus with the EU 28 was just 64,990t in May, its lowest level since February 2018. Turkish volumes into the EU are likely to fall further going forward, while EU mills have been aggressively selling into Turkey, as well as other regions, given the domestic market malaise.
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
