Traders have had to reroute steel cargoes destined for the EU market over the past couple of weeks, after the implementation of the bloc's new import measures from 1 July, which saw substantial cuts to free allocations and tariffs doubled to 50pc. The technical details of the quotas were announced only on 30 June, leaving participants no time to react to the changes. Contracts signed months ago and cargoes either already at sea on their way to the EU, or at EU ports, now faced substantial over-quota duties. Tariff rates remain unclear due to a two-week import blocking period that the EU imposed. Market participants ... (full story)