In September, Vietnam imported 1.2 million tons of hot rolled coil (HRC), an increase of 34% compared to August. This figure represents 220% of the country’s domestic production of 568,000 tons. In January-September 2024, total HRC imports reached approximately 8.8 million tons, an increase of 26% y-o-y and accounting for 171% of domestic production.
Around 6.3 million tons of HRC, accounting for 72% of imports, came from China. This amount greatly exceeded the domestic consumption of local producers, which was only 5.1 million tons. The main reason for preferring Chinese HRC is that it offers prices that are 30-70 USD per ton lower than other markets, amid a surplus of steel in the country and a decline in domestic demand.
However, despite the anti-dumping investigation launched by the Vietnamese Ministry of Industry and Trade on July 26, HRC imports continue to rise. The investigation focuses on certain types of HRC from China and India, and based on preliminary findings, the ministry may recommend provisional anti-dumping duties that do not exceed the dumping margin.
Economist Ngô Trí Long emphasizes that the anti-dumping investigation complies with both international standards and Vietnamese regulations and aims to ensure fair competition for domestic steel producers. Other Southeast Asian countries such as Thailand and Indonesia have taken steps against Chinese steel, as their local production meets only 43% and 65% of their respective consumption needs. Since 2019, both nations have implemented anti-dumping and most-favored-nation (MFN) tariffs.
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