The EU intended to extend the protective measures until 2024 with an annual increase in import quotas of 3%, and it was expected that the final decision will be made by the end of June.
Domestic hot rolled coil (HRC) prices in the EU declined last week and buyers remained on hold. However, the local mills have received their full orders, and the Nordic mills are currently selling to HRC for Q4 delivery.
Market participants said that the shortage of shavings led to a decrease in demand for automotive steel, but the excess steel was not enough to affect domestic prices.
In terms of import HRC, India was expected to exhaust the EU import quota in the third quarter and factories from different countries only slightly increased their supply.