According to the report, the European Commission (EC) intended to adjust import quotas to reduce the impact of imports on the European Union (EU) market, thereby accelerating the prices of hot-rolled products in February. However, a slowdown in demand is suppressing price increases.

Some traders indicated that steel mills continued to increase prices have led to a gradual rise in hot-rolled product prices. The downstream demand remains weak, resulting in a slowdown in the upward price trend.

The EC is planning to readjust the import quota system, potentially shifting from a free quota to a national quota or reducing the allowable import proportion. Additionally, the volume of hot-rolled and stainless steel products currently awaiting customs declaration at European ports is nearing the quota limit, which has hindered the increase in steel prices.