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European buyers of hot-rolled coil have been holding back from making deals for material, awaiting the European’s Commission decision on import safeguard measures and clarity in the global market, sources told Fastmarkets on Wednesday June 16.
Some buyers were still willing to accept current offer prices if they needed to restock specific materials, or if they were able to secure back-to-back deals with steel mills, market participants said.
Distributors in Europe preferred to wait for the EC’s final decision on its proposal to extend safeguard measures, which will allow them to better assess the availability of imported material.
At the end of last week, the Commission released a draft proposal on extending the safeguard measures for another three years. According to the document, the measures on 26 steel products imported into the EU will remain in place until June 30, 2024, with quota volumes for the products increasing by 3% year-on-year.
Member states will vote on the issue before a final decision on June 30.
Source: Fastmarket
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