Update news steel
The US Department of Commerce (DOC) has announced to extend the time to consider requests for the anti-dumping and anti-subsidy duty evasion investigation for stainless steel plates imported from Vietnam.
Vietnam is willing to hold trade talks with the United States to timely solve arising problems and strengthen bilateral economic, trade and investment relations, in the interest of businesses and people of the two countries.
The United States has received a petition from US-based steel producers demanding a tax-fraud probe into several steel pipe products imported from Vietnam.
The Ministry of Industry and Trade has decided to remove anti-dumping duties on coated steel imports from South Korea and China after five years of imposing the duty.
The Ministry of Industry and Trade earlier this month issued Decision No.625/QD-BCT on upholding the application of anti-dumping measures on some cold-rolled stainless steel products in Vietnam originating from Taiwan, Indonesia, Malaysia, and China.
By the end of the first quarter, the steel industry had imported up to three million tonnes, worth US$3.1 billion, with a trade deficit of US$800 million, while exports brought in US$2.3 billion, according to the Vietnam Steel Association (VSA).
Vietnam is expected to become an exporting country of iron and steel by end-2021 after decades of dependence on imported iron and steel from China.
Hoa Phat Group has chosen CMC Corporation as a strategic consulting partner to help accelerate its digital transformation journey in the next 5 years.
Currently, local production of hot rolled coil, a key input material for cold-rolled steel and other pre-painted galvanized steel sheet, cannot meet domestic demand.
The neighboring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.
The largest steelmaker in Vietnam is considering a hold on its third blast furnace facility due to concerns with China’s steel presence in the country.
The biggest difficulties facing Vietnam’s steel industry are trade remedies applied by importing countries and supply of materials.
China will have opportunities to export more hot rolled coil (HRC) products to Vietnam ad the products will be unaffected by import tariffs.
The retail electricity price increase has dealt a strong blow to the steel manufacturing industry, which is facing difficulties.