According to sources, the European Commission has sent a draft proposal of extending the steel import safeguard measures for another three years to its member states, and the quota was expected to increase by 3%.

The EU steel import guarantee quota will be expired on June 30. At present, even EU buyers are hesitant to import in the fourth quarter. Market participants believed that the time extending of import quota will bring many uncertainties.

It should also be noted that the US has also negotiated the cancellation of Section 232, which prompted the EU to take the first action to protect its domestic market from trade diversion.