Editor, Argus Media Worldsteel journalist of the year 2020
Joined March 2016
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I was today years old when I learnt a slave trader turned abolitionist from Liverpool penned Amazing Grace.
Colin Richardson retweeted
Duties of 26% are payable on material that cleared into the EU FTA CSQ hot-rolled coil quota.
This is a quota open to some free trade agreement partners once they have exhausted their own specific volumes.
Around 258,000t cleared into the 120,000t quarterly quota, according to latest European Commission data, meaning pro-rata duties of 26%. About 300,000t had been awaiting allocation in recent days, so around 42,000t was retracted.
The material was predominantly from India and Turkey, with the latter accessing the quota first: some Indian material was late arriving because of issues transiting the Red Sea. As a result, India’s January-March quota could already be largely full.
Some traders said demand for quayside material increased as a result of the quota overfill, with sales made around €720-730 fca/fot.
On Bullish Exchange SCX prices were largely static today around €757-759, after slipping earlier in the week from the mid €760s.
The @BritishSteelUK deal to sell 120,000t of billet over three years into Nigeria is interesting, given the expense of producing in the UK. Last year Nigeria imported nearly all of its billet from China at an average of $495/t cfr.
One thing that really baffles me about gymnastics is why women have to incorporate dance into floor routines. Men appear to be judged on balance, strength and execution, no dance needed. Why is it different for women? Maybe it’s just me but I can’t stand it. @BritGymnastics
Interesting comments by MEP @ninacarberry today on how the new steel safeguards could impede availability of #steel #HDG supply from South Korea. The UK has just included Turkish HDG in its own safeguard, after imposing a cap on how much can come into that residual quota.
"Civil war in the UK steel sector". Nothing different since I started covering it in 2008 = mills with one agenda, buyers with another.
thetimes.com/business-money/…
#BBCQT is a really great example of what is wrong with modern political discourse in the era of social media: everybody eager to make their points without actually listening to others.
Poland imported 6,579t of #steel billet from the Heard Island and McDonald Islands, at an average landed price of €465/t. Errrr.
An interesting increase in Kazahk rebar imports into the EU of late, all destined for Czech Republic. Word on the street is it might not be from Kazakhstan!
The UK is likely to be the only country that gets a 25pc tariff for sales into the US - others more likely to get quotas with a 50pc out of quota tariff
argusmedia.com/en/news-and-i…
Story with my colleagues Lora and Amruta on an Indian mill being informed of an impending AD investigation into its #steel CRC sales into the EU. We have been hearing for months now that Japan and India would also be investigated.
argusmedia.com/en/news-and-i…
UK plays down threat of #steel mill expropriation
argusmedia.com/en/news-and-i…
EU HRC #steel quota utilisation is at multi-year lows, as previous measures (AD and residual cap) begin to bite.
argusmedia.com/en/news-and-i…
UK #steel HDG buyers duplicating import orders as they cannot access material from Vietnam and Korea; the respective capped quotas for both are currently suspended until 1 August.
argusmedia.com/en/news-and-i…