Vietnam to Impose Anti Dumping Duty on Color Coated Steel Imports from China & Korea
Vietnam Ministry of Industry and Trade is planning to impose temporary anti dumping duty on some color coated steel products arriving from China and South Korea, it said earlier this week.
The anti dumping level from China is in the range of 3.45% to 34.27% and from 4.48% to 19.25% for South Korea on similar products. This will be implemented on 25th June’19 on-wards, SteelMint learned from Vietnam based trade sources.
The move is taken in the back of complaints made by domestic steel manufacturers based in Vietnam that goods which originate in China but illegally bear “Made in Vietnam” labels when they are exported to the U.S. to avoid high tariffs.
Also excess imports of color coated steel products from China caused a serious threat to domestic steelmakers in Vietnam since they face huge losses owing to decline in output, sales, revenue and profits of steel mills in Vietnam. Thus domestic steelmakers in Vietnam are forced to suspend production over dumping steel products from China.
Thus Vietnam Ministry of Industry and Trade communicated that provisional anti dumping duty will be imposed for 3 months and will continue to review data and hold open consultations. However final decision is expected to come in 4th quarter of 2019.
How did Vietnam steel industry perform in 2018 ?
Vietnam’s crude steel output stood at over 15 MnT in 2018. Production and consumption of finished steel increased by 16% and 3% Y-o-Y, as per VSA. Production of metallic and color coated steel recorded at 4.71 MnT in 2018. Imports of coated sheets and strips to Vietnam stood at 1.54 MnT in 2018. Vietnam’s finished steel imports from China stood at 6.27 MnT in CY18, down 10% Y-o-Y.
source: SteelMint
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