European buyers have already bought about 30% more than the yearly quota for imports from China of hot-dipped galvanized coil (HDG) grades used by the automotive industry, market sources have told Fastmarkets.
The full annual quota allocated to material from China for the period from July 1, 2019, to June 30, 2020, was 527,164 tonnes. This quota was fully taken up just a couple days after the new quota period started on July 1, with any material imported thereafter being subject to 25% duty, according to EU safeguard measures.The HDG grades traditionally used by European car-makers fall into product category 4B of the region's safeguard measures.Because the quota...