Some European importers are halting orders placed for coil, mainly cold-rolled, with non-European mills, for fear they may be affected by an ongoing anti-dumping investigation against coil material from Russia and China.

“I’ve stopped ordering before October, and so have others,” one trader tells Kallanish, referring to a pending investigation by the European Commission. He says the action was launched in late spring, and may take up to nine months to produce a decision, which then could affect cases with a retroactive effect of three months.

“So if they decide in March or April, antidumping duties might be imposed for deliveries as of January. Add another three months of lead time, and that’s why you’d better stop ordering in October,” the trader says. He notes that retroactive action is rarely implemented, but possible. He says that the duty would by 27%, “… which could make €80/t, so it would make a difference.”

Another trader says that he has not heard of such moves, but claims that they are “… bitterly necessary” in view of the dramatic deterioration in prices. “Anyone who’s cheering about a cheap catch nowadays has not understood reality,” he says. “Anything you buy today will be too expensive tomorrow.”

Traders agree that the import price for CRC from China cif Antwerp is under €400/t ($450), and in some cases much lower.

Eurofer has declined to comment to Kallanish on the matter.