AsemconnectVietnam - In October, Vietnam's steel imports continued to rise for the third consecutive month, primarily driven by a surge in import sources from China.

 The total steel import volume for the month reached about 2.41 million tons, marking a 55.9% month-on-month increase and an 88.6% year-on-year rise. The value of imports also grew by 41.7% compared to the previous month. Among them, Vietnam imported 1.86 million tons of steel from China, an increase of 778,000 tons from September, accounting for 90% of the country's total import growth that month.Besides, preliminary data from Vietnam Customs revealed that from January to October, the total steel import volume reached 14.71 million tons, up by 38.2% from the same period last year. China remained the dominant exporter to Vietnam, with the country's anti-dumping measures on Chinese hot-rolled steel expected to take effect soon. As a result, some Chinese exporters have expedited shipments before the new measures are implemented.
Vietnam's Hoa Phat slightly raises new list price for Dec delivery
Vietnam's steelmaker Hoa Phat raised hot-rolled coil (HRC) prices slightly on November 1 for December delivery. Due to the weak market in Europe and America, coupled with the EU and India's anti-dumping (AD) investigations for HRC from Vietnam, Vietnam's HRC export market was under big pressure. Besides, Chinese HRC import was also suppressed from the AD investigation, which caused downstream coated steel suppliers to worry about the anti-circumvention impact and choose to buy substrates from local mills.
Formosa Ha Tinh Steel's export orders reduction had been filled by local orders. Mill's order status is stable so far.
Vietnam terminates AD measure on cold-rolled stainless steel from 4 countries
On November 12, 2024, the Ministry of Industry and Trade (MOIT) of Vietnam issued its Decision No. 3011⁄QD-BCT, making a final determination of the anti-dumping (AD) measures on cold-rolled stainless steel products from Taiwan, Indonesia, Malaysia, and China.
According to the announcement, Vietnam decided to terminate and not extend the application of AD measures on the above-mentioned products from the four countries, citing that the termination of the AD measure will not have the possibility of continued or repeated dumping caused by the companies involved and bring injury to the domestic industry.
The products involved are under HS codes 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00, 7219.90.00, 7220.20.10, 7220.20.90, 7220.90.10, and 7220.90.90.
Vietnam’s cancellation of AD duties on Taiwan's cold-rolled stainless steel may benefit Taiwan's exports
Since 2014, Vietnam has levied anti-dumping (AD) duties on cold-rolled stainless steel products originating in China, Taiwan, Malaysia, and Indonesia, and implemented them again in 2019 for a period of 5 years until October 26, 2024.The latest news is that Vietnam has canceled the AD duty, effective from October 26, 2024.
In terms of tariffs imposed by Vietnam since 2019, Taiwanese manufacturers have been levied a tariff of 37.29%, higher than the 13.79% imposed in 2014, and the AD duties on Taiwan are higher than those of the other three countries.
Market participants said that Vietnam’s cancellation of AD duties will be beneficial to Taiwan in the short term. However, However, the same effect will occur in the other three countries.
In addition, in recent years, the output of Vietnam's Yongjin has also increased significantly. The subsequent situation of Taiwan's exports to Vietnam remains to be further observed.
The products affected by the decision are under HS codes 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00, 7219.90.00, 7220.20.10, 7220.20.90, 7220.90.10, and 7220.90.90.
Vietnam extends AD measure on color-coated steel from China, South Korea
On October 24, the Ministry of Industry and Trade (MOIT) of Vietnam announced a five-year extension of the anti-dumping (AD) measures on color-coated steel products originating in China and South Korea, valid until October 23, 2029. The investigating authority determined that the termination of the existing AD measure is likely to lead to the continuation or reoccurrence of dumping, thereby causing injury to the domestic industry. The AD duty rate assigned to China is 0% to 34.27%, and that to South Korea ranges from 4.95% to 19.25%.
The products involved are flat-rolled, painted alloy or non-alloy steel products, classified under HS codes 7210.70.12, 7210.70.13, 7210.70.19, 7210.70.21, 7210.70.29, 7210.70.91, 7210.70.99, 7212.40.11, 7212.40.12, 7212.40.13, 7212.40.14, 7212.40.19, 7212.40.91, 7212.40.99, 7225.99.90, 7226.99.19, and 7226.99.99.
The period for dumping investigation and injury determination is from April 1, 2023, to March 31, 2023.
Vietnamese Ha Tinh Steel’s domestic sales orders booming
Ha Tinh Steel announced a new rate increase of US$30/MT for domestic sales in early October.It was understood that Ha Tinh Steel's order volume has exceeded expectations, mainly because China's hot-rolled coil (HRC) has been subject to dumping investigations by many countries. Downstream manufacturers are concerned about export obstacles and purchase conservatively from local mills. In addition, market participants pointed out that when Ha Tinh Steel's new rate announcement, coupled with a rebound in the Chinese market, strong price trends were conducive to domestic sales orders. On the other hand, the export market will still face price competition from Chinese mills, and sales pressure will intensify.
T.Huong
Source: Vitic/Yieh.com