The price of rebar produced and delivered in Northern Europe widened upward slightly this week despite the market being largely quiet with many buyers waiting for the renewal of EU import quota balances on July 1, sources told Fastmarkets on Wednesday June 19.
From July 1, 2019 until June 30, 2020, 301,538 tonnes of Turkey-origin rebar will be permitted to enter the EU tariff-free. After this quota has been filled, tariffs of 25% will applied to any further imports. To compare, in 2018 alone, Turkey's rebar exports to the EU totalled 821,178 tonnes.Fastmarkets' research team estimates the annual quota for Turkey, the most popular import origin for European buyers, will be completely taken up within the first week of July.Buyers in Europe are awaiting this influx of material, which has kept the market unusually quiet. Although...