The European Commission announced that it is initiating a periodic review of the import steel safeguard measures. The Commission will also examine the effects of changes to the US' Section 232 measures. The US government in November decided to apply country and product-specific quotas to imports from the EU, instead of the blanket 25pc duties that applied previously. In addition, the EC will review, as usual, the list of developing countries exempt from the safeguard quotas. Market participants are expecting Vietnam to be removed from that list, as it has ramped up its supply to the EU above the 3pc threshold. There are two more quarters of the 2021 safeguard quotas, set to restart for 2022 on 1 July. The review is set to be completed by 30 June 2022, and comments from interested parties are to be submitted by 10 January.