Trade Cases
CRU: Surge of Chinese steel imports causes concern in Vietnam
Written by CRU
July 8, 2024
The volume of steel shipped into Vietnam more than doubled in May to 1.1 million (mt), with China’s share above 70%, according to customs’ statistics. In the first five months, Chinese imports were more than 4.7 million mt, an increase of 91% year on year.
Vietnam’s steel companies are worried, especially as the domestic market is still struggling with a real estate downturn, Vietnam Steel Association chairman Nghiem Xuan Da said. “The oversupply of many domestic steel products and the increase in imported steel products will push domestic steel makers to lose market share,” Da was quoted as saying by the business publication Vietnam Investment Review.
Often the subject of anti-dumping investigations itself, in particular from the US, EU, and Australia, Vietnam is prepared to take action to protect the country’s steel industry. In June, the ministry of industry and trade launched an AD probe into allegations galvanized steel from China and South Korea is harming domestic producers.
This article was first published by CRU. To learn more about CRU’s services, visit www.crugroup.com.
Latest in Trade Cases
CRU: Turkey imposes tariffs on steel imports; Malaysia launches AD probe
Ankara has placed anti-dumping duties of ranging from 6.10% to 43.31% on hot-rolled steel sheet from China, India, Japan, and Russia. Meanwhile, Malaysia has announced it will investigate allegedly dumped steel wire rod from China, Indonesia, and Vietnam.
Price on trade: The excess capacity threat moves closer to home
The Global Forum on Steel Excess Capacity (GFSEC) reaffirmed on Oct. 8 what domestic steel producers have long known—the threat of excess steel capacity never disappeared and is evolving. China’s steelmakers are boosting capacity and exports, echoing the 2016 global steel crisis. There is no doubt that China is successfully weaponizing excess capacity across many industries, and the fatal damage to domestic production and national security undermines the interests of all market-oriented countries. The question now is: How will GFSEC countries respond?
US bans steel made with forced labor from Baowu subsidiary
The US has banned imports from a subsidiary of the world’s largest steelmaker because it is allegedly using forced labor to produce steel products.
China challenges Canada’s tariffs on steel, aluminum, EVs
China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.
Leibowitz: Harris, Trump don’t talk much about steel and trade – because they (mostly) agree
By most accounts, the issues that are most important for voters in this election are the economy, immigration, and abortion. International trade policy plays a key role in at least two of those three (the economy and immigration). Both presidential candidates recognize that trade and tariffs are an important focus. And “America first” is a rallying point for both candidates.