The EU’s safeguard import quota for hot-rolled coil has been exceeded by South Korea, according to European Commission data May 8.
This comes after the EC reduced quota levels per country, effective April 1.
The initial quota amount for South Korea in the first quarter was 184,310 mt, which was reduced to 161,144 mt for Q2.
A 25% duty will now apply to any additional HRC imported from the country.
Despite this exhaustion by South Korea, quota levels for Turkey, India, Serbia, the UK, and other countries remain above 50%.
Platts, part of S&P Global Commodity Insights, assessed imported HRC in Northern Europe May 8 at Eur540/mt CIF Antwerp, down Eur15 over the month, the lowest level since Jan. 21.
Platts assessed the Southern Europe import price May 8 at Eur530/mt CIF Southern Europe, down Eur15 over month, the lowest level since Jan 13.
The price differential versus domestic HRC prices has widened since new safeguard measures came into effect, which could suggest that imports may be starting to look more attractive.
Some sources have also cited that import offers from some Asian suppliers are becoming increasingly more competitive, which has put pressure on the domestic market.
Platts assessed domestic HRC in Northern Europe May 8 at Eur645/mt ex-works Ruhr, stable day over day.
