Steel quota balances will be unknown until 19 February

The European Commission's definitive steel safeguard measures will be implemented tomorrow but the website detailing quota balances will not update for the first 11 working days.

This is likely to stoke much uncertainty, particularly around wire rod and rebar, with the biggest countries expected to fill their quotas almost immediately.

Turkey, for example, has a 117,231.8t tariff-free quota for the first period from 2 February to 30 June. Sources expect this to be fulfilled within days.

For the first 11 working days the rules and volumes will apply and be counted but the quota levels will be unavailable, presenting an additional element of insecurity as importers and buyers adapt to the new rules and how they are administered.

Some say this uncertainty could assist local mills, freezing appetite to procure more. But the material that will clear customs during this period is undoubtedly already at ports awaiting the start of the new quota, after the preliminary measures went critical — meaning the 25pc duty was payable — over the last month or so.