EU’s new steel quotas won’t dent China’s direct exports to Europe, but may choke them everywhere else

From fastmarkets.com

Market participants warn the long-term indirect fallout could be far more significant, as the EU’s shrinking capacity to absorb imports ripples through the third-country markets China has increasingly relied on to place its surplus – even as some product categories also face direct quota cuts of up to 64%. The EU’s new safeguard regime, which took effect on July 1, cuts the bloc’s total tariff-free import quota to 18.3 million tonnes across covered product categories, with any volumes above quota now facing a 50% tariff, up from 25% previously. Country-specific allocations, published in the Official Journal ... (full story)