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Turkish HRC dominates import quotas

India dominates CRC import volumes

Some 63,555 mt of Turkish rebar was awaiting allocation at EU ports, more than the country's quota for the first quarter of 2022 of 60,591 mt, according to European Commission data Jan. 5.

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"This is preliminary info. It could be more than 104% ... The final figures will be known on Jan. 6," one European buyer said.

One Turkish mill source said EU buyers might now hold back on new orders from Turkey until February, with those bookings to be cleared during the April-June quota period.

S&P Global Platts assessed Turkish exported rebar at $695/mt FOB Turkey on Jan. 4, up $5/mt day on day.

Meanwhile, some 27,153 mt of the 58,659 mt Q1 quota for Russian-origin rebar was awaiting allocation on Jan. 4, the EC data showed.

One distributor source in the Benelux region said the EU safeguard quotas for long products were small enough that their being filled was not expected to impact domestic prices as local demand should be strong.

Turkish origin hot-rolled coils were also dominating EU import quotas for the first quarter. According to EC data, approximately 238,350 mt, or 73.7%, of the 323,205 mt quota for Turkey was awaiting allocation on Jan. 4 at EU ports.

Elsewhere, India's HRC quota was 166,027 mt, with 56,832 mt, or 34.2%, awaiting custom clearance, while 161,691 mt, or 39.6%, of Russia's quota of 407,786 mt was awaiting allocation.

Indian HRC prices were said to be at Eur760/mt ($857/mt) CIF Italian ports on Jan 5.

"We are watching the situation with quota figures closely. We will take on the import duty because a lot of quotas are already exhausted," an Italian service center source said.

Other products, such as cold-rolled coil and hot-dipped galvanized steel, were more critical than the HRC quotas, which was seeing a "normal situation", the source said.

Looking at CRC, some 140,340 mt, or 95%, of India's Q1 quota of 147,656 mt was awaiting allocation on Jan. 4.

For HDG 4a, Indian import volumes awaiting clearance stood at 74,611 mt, or 154%, of the country's Q1 quota of 48,559 mt, while for HDG 4b, around 21%, or 14,528 mt of a quota of 69,333 mt was awaiting clearance Jan. 4.

The European Commission's periodic review into its steel import safeguard measures has been brought forward to January from February or March, sources said.

The review will also assess changes in US Section 232 tariffs and their impact on steel trade flows. Market participants have until Jan. 10 to submit opinions on the matter.

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