According to sources, the European Commission has sent to member countries a draft proposal to extend the protective measures against steel imports for another three years, and it was expected that the quota would be increased by 3%.
The guarantee quota for steel imports from the EU will expire on June 30. Currently, even EU buyers are hesitant to import steel in the fourth quarter. Market participants believed that the temporary extension of the import quota would bring many uncertainties.
It should also be noted that the US was also in talks to repeal Section 232, prompting the EU to take first steps to protect its internal market from trade diversion.