Sources Said The EU Safeguards Would Be Extended For Another Year
U safeguard measures are expected to be extended for one year from the beginning of July, learns from sources in the market.
The European Commission is yet to publish a proposal on the future of the measures. Sources in Europe, though, report that local steel associations are communicating that a decision is close.
According to rumours, the measures could be extended for a period of one year with an increase of tax-free quotas of 5% compared to the current volumes.
An extension of measures would bewelcomed by steelmakers in Europe, but a decision to extend them only for one year could create further uncertainty in the market, among buyers and suppliers alike.
"An extension until mid-2022 would only mean re-creating the current scenario of uncertainty in 12months," a steel processor says. "Imports need to be ordered many months in advance and the uncertainty over the measures is hurting the possibility to make long-term plans."
Short comments: This will mean that within a year, EU demand for other countries' steel raw materials will not fall, will only rise, is bound to affect domestic steel prices.
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