A group of 12 steel businesses have once again voiced their concern over a potential anti-dumping investigation into Chinese hot rolled coil steel (HRC).

During the past 3 months of the year, Italy continued to be Vietnam's largest iron and steel import market, with the Southeast Asian nation’s export turnover approximating US$299 million, marking increases in volume and value over the same period.

The Ministry of Industry and Trade (MoIT) has received a proposal to initiate an anti-dumping investigation of hot-rolled coil (HRC) imported from China from two domestic manufacturing enterprises.

According to Vietnam Industry and Trade Information Center, China is the largest steel exporter to Vietnam with an increasing share from 43.64 per cent in 2022 to 62.18 per cent in 2023.

Hoa Phat’s revenue and market share have increased, which has helped it cement its No 1 position in the market, while steel shares have become hot again, prompting investors to sell shares to make big profits.

In the third quarter, nearly 6.5 million tonnes of steel were sold, up 6.3% year-on-year. Of the total, over 2 million tonnes were shipped abroad, representing a year-on-year surge of 70%.

The steel industry is expected to see an explosive recovery in 2024, but profits won’t be delivered to all. While big players earned trillions of dong in the third quarter in 2023, most small players reported losses.

The Vietnam Steel Association (VSA) has proposed the Government set up technical barriers and quality inspection procedures for steel imports into Vietnam.

The European Union (EU) has decided to continue to increase its tariff rate quotas (TRQ) for steel imports from July 1 until the end of June 2024.

The European Union (EU) has decided to extend tariffs and quotas on various types of steel imports from Vietnam until the end of June 2024.

Many fluctuations in the domestic and foreign financial-economic markets have appeared, causing steel enterprises to adjust their business plans.

The steel market is likely to recover in the third and fourth quarters of this year thanks to augmented efforts to disburse public investment and credit packages for social housing projects, along with positive signs of the Vietnamese economy.