VIETNAM’S Steel Association has asked the government to impose tariffs on galvanised steel imported from China and South Korea to protect domestic production, the government said on Friday (Feb 28).
Galvanised steel imports from China and South Korea have been rising rapidly, “putting heavy pressure on the domestic steel industry”, the government cited an association proposal as saying.
It said imports from the two markets accounted for up to 64 to 67 per cent of total imports during the 2022 to 2023 period. The complaint comes days after Vietnam announced it would impose a temporary anti-dumping levy ranging from 19.38 to 27.83 per cent on some hot-rolled steel products originating from China.
“While hot-rolled steel, a main material for producing galvanised steel, is protected, there are no measures for imported galvanised steel,” it quoted the steel association as saying.
The body warned that if the situation persisted, not only would the galvanised steel industry be damaged, the entire domestic steel industry would also be seriously affected.
The total value of steel and iron ore and steel and iron products imported from China last year was nearly US$12 billion, according to Vietnam’s customs data. The US administration announced 25 per cent tariffs on all its steel imports earlier this month, which would take effect on Mar 4.
Washington has already imposed anti-dumping duties on multiple Vietnamese steel exports and producers, in some cases even higher than 25 per cent. It is not clear whether the latest US duties would be applied to Vietnam’s steel on top of existing anti-dumping measures. The planned US tariffs could virtually hit all of Vietnam’s goods exports to its top market.
Vietnam is considering various measures that could help it to avoid tariffs. REUTERS
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