The EU has announced the quota volumes for the new guarantee system
The European Commission has announced the details of its new system of protective measures and announced the volume of product quotas.
Accordingly, the new system supports the principle of open trade and strengthens cooperation with global partners to solve the problem of excess production capacity in the
limiting the volume of duty-free imports to 18.3 million tons per year (a decrease of 47% compared to steel quotas set for 2024),doubling the level of non-quota duty to 50% from 25% as part of protective measures andEnhance traceability in steel markets by introducing a "Melt and Bottle" requirement to prevent circumvention.The volumes of quotas for various types of products are shown in the table below.
[b]Products[/b]Volume of new quotas (million tons)HRC (1A))5,198,712CRC1,544,759Metal-coated sheets (4A))1,620,686Metal-coated sheets (4B))1,238,995(0:16 organic coated sheets627,871Quarto sheets1,196,903Long products and light profiles881,735Fittings844,526Wire rod1,569,532Meanwhile, welcoming the new system, Axel Eggert, CEO of the European Steel Manufacturers Association (EUROFER), said: "The ultimate goal of reducing unfair imports flooding the EU market is to allow our steel mills to operate again at an acceptable load of 80-85 percent. Currently, the workload of our enterprises is about 65%, which leads to closures and layoffs. One third of European steel demand is met by importing low-cost, high-carbon steel. This measure also provides visibility of what companies need to make their investments in decarbonization."
Steelorbis.com