【SMM Steel】Switzerland seeks EU steel import measure exemption

The European Union has drastically reduced its steel import quota cap by 12 million tonnes, slashing the total limit from 30.5 million tonnes to 18.3 million tonnes. This policy shift heavily impacts Turkey, cutting its hot-rolled coil (HRC) allocation by approximately 60% to 642,295 tonnes and rebar by over 36% to 239,676 tonnes. Additionally, the restriction alters global supply dynamics, forcing around 8.5 million tonnes of East Asian steel to find alternative global markets annually. While European steel prices are expected to rise briefly following the July 1 customs clearance, weak summer demand will likely cap these gains. In the scrap market, tight European domestic supply has pushed dockside delivery prices to €275/tonne, with German delivered prices sitting €10 to €15/tonne higher than Netherlands dockside rates; however, weakened Turkish steel sales will ultimately exert dominant downward pressure on the market. Meanwhile, US export prices have fallen by $30/tonne and US East Coast dockside prices dropped by $15 to $20/gross ton. Although two major Turkish mills temporarily stabilized import prices by heavily restocking 16 cargoes at higher rates, a subsequent purchasing pause is expected to trigger further downward adjustments.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Jul , 2026

[SMM Stainless Steel Daily Review] SS Futures Prices Pull Back on Macro Headwinds, Stainless Steel Spot Transactions Weaken According to SMM on July 1, SS futures moved in a downward, consolidating trend. Pressured by rising expectations for US Fed interest rate hikes and the continued decline in SHFE nickel, SS futures fell in tandem. By the midday close, the most-traded SS contract had settled at 14,590 yuan/mt. In the spot market, the generally cautious market sentiment was driven by both the weakness in SS futures and the disturbance from Indonesian policies. Although traders showed a strong willingness to sell, the sluggish transaction scenario remained unchanged. The most-traded SS futures contract: At 10:15 AM, SS2608 was quoted at 14,550 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the range of 470-970 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; the average prices for cold-rolled unedged 304/2B coil were flat in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; quotations for hot-rolled 316L/NO.1 coil in Wuxi were also flat; and the average prices for cold-rolled 430/2B coil in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds outside China, coupled with industrial sentiment disturbance, intensified market pessimism, fully highlighting the off-season fundamentals. The overall picture showed that macro factors suppressed the futures, off-season demand weakened, traders cut prices to reduce inventory, supply contraction provided some support to inventory levels, and steel mill profits shrank. Futures were dragged lower by monetary policies and raw material rumors. Spots maintained resilience relying on steel mills holding prices firm, but terminal transactions were sluggish, and the overall market …