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Wednesday, July 24, 2024

Vietnam slaps antidumping duty on Chinese cold-rolled steel

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HCMC – The Vietnamese Ministry of Industry and Trade has imposed antidumping tariffs on cold-rolled steel coil and sheet imports from China for five years starting from December 21 aimed at reducing losses for local steel production after considering the benefits of local producers and those using steel imports from China.

The anti-dumping tax would range from 4.43% to 25.22%, the local media reported.

In September last year, the Ministry of Industry and Trade launched an antidumping investigation into cold-rolled steel from China and found that the volume of cold-rolled steel imported from China reached more than 272,000 tons, accounting for 65.5% of the total cold-rolled steel imports into Vietnam. There was an increase in imports, both in absolute and relative terms, compared to the locally-produced volume.

According to the ministry, the increase is the main factor negatively affecting domestic production. The local production is under threat of considerable damage as key indicators such as profit, inventory and market share are poor.

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