HCMC – Vietnam’s imports of hot-rolled coil (HRC) steel in September hit 1.2 million tons, a 34% increase against the previous month, according to the General Department of Vietnam Customs.
The import volume more than doubled the country’s domestic production, despite an ongoing anti-dumping investigation.
In the first nine months of the year, Vietnam imported nearly 8.8 million tons of HRC steel, a 26% year-on-year increase. These imports accounted for 171% of the country’s domestic steel production.
China supplied 72% of Vietnam’s HRC imports, totaling 6.3 million tons, which far exceeded the consumption capacity of local steel manufacturers.
Chinese steelmakers have been cutting prices to lower huge stockpiles, pushing down international steel prices and allowing them to dominate Vietnam’s import market.
Economist Ngo Tri Long said that the ongoing anti-dumping investigation is essential to maintain fair competition for local steel producers.
The Ministry of Industry and Trade launched an anti-dumping investigation into certain HRC steel imports from China and India on July 26, which may result in temporary anti-dumping duties.
In response to the surge in steel imports from China, countries in the region, including Thailand and Indonesia, have imposed anti-dumping and most-favored-nation (MFN) tariffs on imported HRC steel. However, their domestic steel production still falls short of demand, meeting only 43% and 65% of their capacity, respectively.
