Posted on 20 Jun 2023
The other countries quota for hot-rolled coil under the UK's steel safeguard is now critical for the April-June quarter, after Tata Steel cleared around 22,000t of Indian material at the end of last week.
Tata's vessel arrived on 15 June, and it cleared on the same day.
There is less than 1,000t of the quota remaining. The incoming 21,900t quota is likely to fill for the July-September period quite quickly, with Tata needing to clear another 3,000t or so, and other traders having tonnes on order from India and others in the other countries quota.
The Taiwanese quota, of 12,700t, is also likely to fill next quarter, sources suggest.
The utilisation will drive buyers and traders towards Turkey, and those countries with developing economy status meaning they are exempt — notably Egypt and Vietnam, where one mill should have CE marking from this month.
Several bookings of Vietnamese material have already been made in the past week or so, with prices around £615/t ddp West Midlands for S275 material. There is concern from some that they will not be able to access their imported steel as quickly as possible because of the utilisation of quotas, with some saying material that was previously to be cleared in July may have to wait until October.
Source:Argus Media
