The European Commission (EC) has announced that it has reduced the planned increase in the steel import quota rate from five percent to three percent in all product categories, as result of the review of the safeguard measures imposed on February 2.

The EC indicated that steel imports in 2018 reached a record volume of 33.4 million mt, 5 million mt higher than the average for the 2015-2017 period and 3 million mt higher than for 2017 alone, which were the reference periods used for safeguard measures.

“This less-pronounced liberalization means that that the total quotas available during the third period will be limited to 31.6 million mt, i.e. 1.5 million mt below the distorting 2018 record,” said the EC statement.

The new adjustments will come into force on October 1, 2019.