Vietnam’s Steel Imports Fall, Exports Surge in 2018
Vietnam’s steel import-export numbers are out and according to country’s customs data, Vietnam’s steel imports have registered a fall of 9.6% y-o-y basis in 2018 and is recorded at 13.6 MnT whereas in terms of value the same has increased by 9% in 2018 against previous year and is recorded at USD 9.9 billion.
The major steel importing countries for Vietnam are China, Japan, and South Korea.
In terms of overseas sales, the country exported 6.3 MnT of steel in 2018 up by 34% against exports in 2017. Vietnam reaped about USD 4.6 billion from exports, an increase of 45% y-o-y basis. The key countries for Vietnam’s steel and iron exports in 2018 were U.S, Japan, Cambodia, and Thailand.
MoIT advises exporters to follow origin regulations
Recently Vietnam’s Ministry of Industry and Trade (MoIT) has advised Vietnamese exporters to strictly abide by regulations related to products’ origin. This comes as many members of the World Trade Organisation (WTO) have strengthened trade safeguard tools to protect their domestic industries.
As of December 2018, 19 investigations were launched on export products from Vietnam with majority investigations being launched on steel. The US Department of Commerce initiated an anti-dumping investigation and countervailing duties on corrosion-resistant steel products imported from Vietnam due to suspicion of tax evasion.
The Canadian Border Service Agency (CBSA) also initiated a dumping investigation on a number of carbon welded steel pipe products originating or imported from Pakistan, the Philippines, Turkey, and Vietnam.
|
The Ministry of Industry and International Trade Malaysia (MITI) initiated a dumping investigation on a number of alloyed or non-alloyed flat iron or galvanised steel products originating from or imported from Vietnam.
Apart from this EU (European Union) has imposed temporary safeguard measures on steel imports that includes Vietnam’s cold-rolled and non-alloy steel; sheet metal and cold rolled stainless steel sheets and bars.
MoIT and VCCI (Vietnam Chamber of Commerce and Industry) have sought to tighten the issuance of origin certificate in case of exports as U.S. and some other countries allow importers to declare and self-certify the origin of goods resulting in the issuance of fake-Vietnamese origin export certificates.
The MoIT has also worked with the Ministry of Finance to watch for abnormal signs in exports to some markets to avoid damaging Vietnam’s prestige and the interests of exporters.
According to SteelMint data, Vietnam’s crude steel production in 2018 has increased by 60% against the previous year from 8.94 MnT in 2017 to 14.4 MnT in 2018.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
