European buyers of hot-rolled coil (HRC) have been holding back from new deals ahead of the European Commission ruling on safeguarding measures for steel imports, sources told Metal Bulletin.
The EC is expected to impose preliminary safeguarding measures on steel imports in early July.The EC opened an investigation in late March, in an attempt to prevent steel shipments being redirected to the EU market as a result of the United States Section 232 import tariffs. Among other products, the EC case includes hot-rolled steel sheet and strip.As a result, buyers in the EU have been showing little interest in imported HRC as it is likely to be subject to the safeguard measures if booked now,...