The European Steel
Association (EUROFER) mentioned that after the US' new tariffs policy, a huge
quantity of steel products from international market (especially Turkey) rushed
into the European countries, which rose rapidly and caused the local steel
demand slow down, and it also threatened the benefit of European mills.
Because of the conflict between the EU and the US and weaker global demand, the
prospect of European steel end users will be stagnant for the future. From
March 23rd, the US imposed 25% imported steel tariff to most of countries,
Mexico and Canada were also included in the list on June 1st, and Turkish
imported tax was increased to 50% in August.
At this moment, because of the US' new policy, most of steel products were
transferred to the European market, and Turkish steel was no longer to be
exported to the US due to 50% import duty.
Source: yieh