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On March 3, 2025, the Mexican Ministry of Economy officially initiated an anti-dumping investigation on hot rolled steel imports from China and Vietnam. This move aims to protect Mexico鈥檚 domestic steel industry from the risk of unfair competition posed by low-priced imported goods.Reason for initiating the investigationThe investigation was launched following a petition filed by Ternium M茅xico, S.A. de C.V., one of Mexico鈥檚 leading steel manufacturers. The company alleged that HRC imports from China and Vietnam are being sold at prices lower than their fair market value, causing material injury to the domestic industry. According to the petition, this dumping practice has placed significant pressure on local steel producers, necessitating government intervention to maintain fair competition.The exporters under investigation include:Vietnam: Key exporters including Formosa Ha Tinh, Hoa Phat Group, and JFE Holdings, Inc.China: Major companies such as Ansteel Group, Baoshan Iron & Steel, Jiangsu Shagang Group, among others.Scope and objectives of the investigationAccording to the Mexican Ministry of Economy, the investigation covers hot rolled steel, including flat steel products made of iron or carbon steel, whether pickled or unpickled and uncoated, with a maximum thickness of 25.4mm.The relevant tariff codes fall under HS 7208.10.03; 7208.25.02; 7208.26.01; 7208.27.01; 7208.36.01; 7208.37.01; 7208.38.01; 7208.39.01; 7208.40.02; 7208.51.04; 7208.52.01; 7208.53.01; 7208.54.01, 7208.90.99; 7211.13.01; 7211.14.91; 7211.19.99; 7225.30.91; 7225.40.91; and 7226.91.07 of the Mexican HTS.The dumping investigation period is set from September 1, 2023, to August 31, 2024, while the injury analysis period spans from September 1, 2019, to August 31, 2024. The primary objective of the investigation is to determine whether imported steel from China and Vietnam poses a threat of material injury to Mexican domestic steel industry.The relevant tariff codes for the investigation include HS 7208 and 7211 under the Mexican HTSSince China and Vietnam are classified as non-market economies (NME) by Mexico, the Ministry of Economy has applied the surrogate country methodology to determine the normal value of the imported steel. Specifically, Brazil has been chosen as the reference country, meaning that the price of hot rolled steel in Brazil will be used as a benchmark to compare with the export prices from China and Vietnam. If the export prices are significantly lower than those in Brazil, this may serve as evidence of dumping.Impact on Vietnamese steel enterprisesThis investigation could have a significant impact on major Vietnamese steel manufacturers, particularly Formosa Ha Tinh and Hoa Phat Group, both of which have been actively expanding their exports to Mexico.In July 2022, Hoa Phat successfully exported 8,000 tons of rebar steel to Mexico, marking a significant step in penetrating the North American market. Furthermore, in 2024, Vietnam exported more than 260,000 tons of hot rolled steel to Mexico, with HPG (Hoa Phat Group) and Formosa among the leading exporters.Hoa Phat exported 8,000 tons of rebar to Mexico in 2022To minimize anti-dumping duties, Vietnamese steel exporters should cooperate with the Mexican Ministry of Economy and comply with investigation requirements. They must submit the exporter鈥檚 questionnaire by April 11, 2025, with the option to request an extension if needed.AG真人游戏 is a pioneering company in providing import solutions for Vietnamese steel to international buyers. With a network of Vietnam's largest steel manufacturers, including HPG, Formosa, Hoa Sen, Tay Nam,鈥� AG真人游戏 ensures high-quality products at the most competitive prices. For consultation on the Vietnamese steel market and products, please contact AG真人游戏 via Email: [email protected] or Whatsapp: +84 769 112 358 for dedicated support.

Recently, South Korea has officially imposed anti-dumping duty on steel plates imported from China. This choice was made in light of China's low-cost steel, which severely strained the domestic steel mills and compelled the government of South Korea to take action to safeguard indigenous companies.To know more about the incident, please follow AG真人游戏 Group through the article below.South Korea has officially imposed anti-dumping duty on steel platesReasons for South Korea's anti-dumping duty on China steel platesRecently, China has boosted steel plates exports at low prices, causing many countries to worry about the risk of dumping. In addition to causing significant pressure on Korean steel mills, the result also upsets the market and fosters an unfair competitive environment.Following an examination, the South Korean government came to the conclusion that the domestic steel industry was suffering greatly as a result of steel plates imported from China being sold for less than its true value. Therefore, the country has decided to impose an anti-dumping duty to limit negative impacts and protect domestic enterprises. Chinese steel plates is being dumped in the Korean marketAnti-dumping duty on Chinese steel platesBased on a report from the Korea International Trade Association, anti-dumping duty will be applied to each Chinese enterprise depending on the level of violation. Specifically:China Baowu Steel Group: 27.91%Shagang Group: 29.62%Hunan Valin Xiangtan Iron & Steel and Xiamen ITG Holding: 38.02%Others: 31.69%According to the findings of a preliminary inquiry, there were "sufficient grounds" to infer that dumped imports had seriously harmed the domestic industry, according to The Ministry of Trade, Industry & Energy. Steel mills with serious violations may be subject to higher taxes to minimize negative impacts on the Korean steel industry.An anti-dumping duty will be applied to each enterpriseForecasting steel market trends in the coming timeThe imposition of anti-dumping duty on steel plates from China may help maintain stability in steel prices in the Korean market, but at the same time it will affect supply. A significant step in assisting South Korea in shielding its domestic industry from the pressures of cheap steel is the decision to put anti-dumping tariffs on China steel plates. But this action also poses serious problems for the world steel market, requiring companies to swiftly modify their plans in order to respond to changes in global commerce.The steel industry in China has challengesWhere is the opportunity for Vietnam's steel industry?South Korea's imposition of anti-dumping duty on China steel plates could create many opportunities for Vietnam's steel industry, including:Expanding export market share to KoreaMany Vietnam steel mills are seizing the chance to increase their market share in this industry as a result of South Korea's high tariffs on China steel plates. Vietnam steel can boost exports to South Korea with tariff benefits from trade agreements and product quality.Improve competitivenessVietnamese enterprises can upgrade production technology to improve steel quality to meet Korean standards. Expanding capacity and diversifying products will help reduce dependence on supplies from China, creating a sustainable competitive advantage.Opportunities for collaboration and investment attractivenessKorean steel mills can cooperate with Vietnam partners to maintain stable supply while expanding investment opportunities. Vietnam also has the potential to attract FDI from international steel mills wanting to build manufacturing plants to mitigate the impact of trade barriers.Stabilize selling prices and reduce competitive pressureReducing imports of cheap steel from China helps reduce fierce competition in the regional steel market. Vietnamese enterprises can adjust their selling prices more reasonably and are not under competitive pressure from Chinese steel.Vietnam must take advantage of Korea's anti-dumping of China steel platesProtectionist trade trends may bring long-term advantagesIf many other countries also apply similar measures as Korea, Vietnam's steel industry can benefit when exporting to markets apart from Korea. This is an opportunity for Vietnam to build its own steel brand, creating a sustainable competitive position in the international market.However, to take advantage of these opportunities, Vietnamese enterprises need to improve product quality, optimize production costs, and ensure compliance with international standards.The above article has provided you with the latest information on South Korea's imposition of anti-dumping duty on Chinese steel products, as well as the impact of this policy on the regional steel market and opportunities for Vietnam steel mills. Follow AG真人游戏 Group on a regular basis to stay up to date on global steel market news.

On February 17, 2025, the Trade Remedies Authority of Vietnam received information that the International Trade Administration Commission of South Africa (ITAC) had officially initiated a safeguard investigation on imported corrosion resistant steel coil. Initiation was chosen in order to safeguard the steel industry against unfair competition.Please read the article below and join AG真人游戏 Steel to get more information.Anti corrosion steel coil is being investigated by trade safeguardOverview of the incidentItems under investigation: Corrosion resistant steel coilSouth Africa imports commodity codes: 72106120, 72106130, 72259225, and 72259235.Plaintiff: ArcelorMittal South Africa Limited (AMSA)Initiation Date: February 3, 2025Period of investigation: May 1, 2021 - April 30, 2024Corrosion resistant steel coil is the item under investigationDetails of the incidentThe plaintiff claims that unexpected changes during the Uruguay Round discussions (1986 - 1994) were the cause of the sharp rise of imported steel. In particular, tariff changes brought about by the division of steel into two distinct HS codes alloy steel (HS 7220) and non-alloy steel (HS 7208), have resulted in an abrupt rise in import production. Furthermore, the Southern African Customs Union (SACU), which has five members (South Africa, Botswana, Lesotho, Namibia, and Swaziland), are under a lot of strain due to the global overabundance of anti corrosion steel coil, particularly from China.The plaintiffs also cited research and other arguments that demonstrate China has not developed into a fully market economy as promised to WTO members during earlier talks. Additionally, China's economy has been steadily declining since 1994, and major steel companies have increased production and exports, resulting in excess. Due to a decreasing domestic steel market and indicators of slowing economic growth, China has been forced to increase exports in order to address the excess issue. In order to safeguard domestic steel production, this forces nations to strengthen trade defenses. Additionally, throughout the period from May 1, 2022, to April 30, 2024, the petition highlighted indicators indicating the domestic manufacturing sector is experiencing significant harm, including a decline in output, revenue,South Africa imports more steel than ever beforeInvestigation procedureManufacturing and exporting enterprises are obliged to register as related parties. The registration deadline is February 3, 2025, which is 20 days from the date the investigation was started. Following the start of the investigation, relevant manufacturing and exporting businesses have 20 days to provide feedback on the matter and request consultation. All relevant documents should be submitted to the following address:Submit directly: Trade Remedies I, International Trade Administration Commission, Block E - DTI Campus, 77 Meintjies Street, Sunnyside Pretoria, Block Uuzaji, Ground Floor.Postal address: Trade Remedies I, Private Bag X753, Pretoria, 0001, South Africa. Tel: +27 12 394 3600Fax: +27 12 394 0518Alternatively, interested parties may also contact the responsible officers directly: Mr. Busman Makakola at [email protected] and Ms. Mosa Sebe at [email protected] the investigation progresses, ITAC will publish preliminary and final findings, conduct on-site inspections, and hold hearings to confirm information in order to support decisions about evasion, harm to domestic industry.As linked parties, businesses must registerNotes for Vietnamese businesses before this incidentFaced with this issue, the Trade Remedies Authority of Vietnam (The Ministry of Industry and Trade - MOIT, Vietnamese) suggests that Vietnam steel mills selling anti corrosion steel coil to South Africa should note:Keep a close eye on the case: To ensure prompt reaction strategies, update information about the investigative process.Complete cooperation with ITAC: To protect rights and prevent being subject to disadvantageous duty rates, provide records and documentation as needed.Find new market opportunities: If South Africa implements safeguards, evaluate the potential for growth into other markets to reduce risks.Increase Competitiveness: In the face of rising trade obstacles, retain export advantages by optimizing production costs and improving product quality. South Africa's application of trade defense measures greatly affects the economic situation of businesses, so businesses need to be proactive and cooperate closely with management agencies and regularly provide and exchange information with The Ministry of Industry and Trade to receive timely support.Vietnam steel mills need to closely monitor the case's progressThe article on AG真人游戏 Group has provided you with the latest information on the incident of South Africa initiating an anti dumping investigation on corrosion resistant steel coil. Follow AG真人游戏, we will continuously update information about the incident. 

U.S initiated an anti-dumping investigation into imports of corrosion-resistant flat products (CORE) from ten countries, including Vietnam.Several major American steel manufacturers, including Steel Dynamics, Nucor Corporation and U.S. Steel, have formally petitioned the U.S. Department of Commerce (DOC) and the International Trade Commission (ITC) to launch an anti-dumping investigation into imports of corrosion-resistant flat products (CORE).These products, which include a range of steel materials used widely in construction, automotive manufacturing and other critical industries, are being imported from 10 countries at prices the petitioners allege are unfairly low. The countries identified in the petition are Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, the United Arab Emirates (UAE) and Vietnam.U.S. probes CORE imports from 10 countries, including VietnamThe complainants argue that imports from these countries have caused substantial damage to the U.S. domestic industry and that the situation will worsen if no action is taken. Additionally, investments by producers in these countries to increase galvanized steel production capacity have raised concerns about the potential for increased exports to the United States.Barry T. Schneider, President and COO of Steel Dynamics, stated, "Between the first half of 2023 and the first half of 2024, CORE imports from the ten subject countries increased from less than 1.25 million tons to almost 2 million tons, a significant increase of 57%. The surge in unfair CORE imports has had a substantial negative impact on the volumes, prices and profitability of the domestic steel industry, necessitating these cases."The products in question fall under the following Harmonized Tariff Schedule of the United States (HTSUS) codes: 7210.30.0030, 7210.30.0060, 7210.41.0000, 7210.49.0030, 7210.49.0040, 7210.49.0045, 7210.49.0091, 7210.49.0095, 7210.61.0000, 7210.69.0000, 7210.70.6030, 7210.70.6060, 7210.70.6090, 7210.90.6000, 7210.90.9000, 7212.20.0000, 7212.30.1030, 7212.30.1090, 7212.30.3000, 7212.30.5000, 7212.40.1000, 7212.40.5000, 7212.50.0000, 7212.60.0000, 7225.91.0000, 7225.92.0000, 7226.99.0110, and 7226.99.0130.In July of this year, the Steel Manufacturers Association (SMA) and six other industry groups urged the House of Representatives to include the Playing Field 2.0 Act in the upcoming legislative package aimed at protecting the United States from unfair trade practices by China.The petition underscores the necessity of implementing measures to safeguard the domestic steel industry from the increasing influx of imported steel products, ensuring fairness and sustainability for U.S. steel producers.The official announcement regarding this anti-dumping investigation has not yet been released. Readers are encouraged to follow AG真人游戏 Steel for the latest updates on developments in the international and Vietnamese steel markets. 

Canada has imposed temporary anti-dumping duties ranging from 6.1% to 38.9% on wire rods imports from Vietnam, which are lower than those imposed on China and Egypt.Recently, the Canada Border Services Agency (CBSA) released a preliminary conclusion on its investigation into anti-dumping measures on wire rod products originating from China, Egypt and Vietnam. According to the conclusion, the temporary anti-dumping duties for Vietnamese companies range from 6.1% to 38.9%, the lowest compared to the rates imposed on Chinese companies (50.9% - 71.1%) and Egyptian companies (49.7% - 99.8%).Canada imposes lower anti-dumping duties on Vietnam wire rods importsCanada's anti-dumping investigation on steel wire rods from three countriesThe CBSA stated that the essential information used to make the decision would be published within the next 15 days and posted on their official website. During this period, the CBSA will continue its investigation and is expected to issue a final conclusion on September 4, 2024.This investigation began on March 8, 2024, to determine whether the import of wire rod products from China, Vietnam and Egypt has caused damage to the Canadian steel industry. The wire rod products under investigation fall under HS codes: 7213.91.00.42, 7213.91.00.43, 7213.91.00.49, 7213.91.00.50, 7213.91.00.60, 7213.91.00.70, 7213.99.00.11, 7213.99.00.12, 7213.99.00.31, 7213.99.00.32, 7213.99.00.51, 7213.99.00.52, 7227.20.00.20, 7227.20.00.90, 7227.90.00.60, 7227.90.00.70, 7227.90.00.81, 7227.90.00.82, 7227.90.00.83.CBSA continues steel wire rods dumping probe, final decision due September 4Final determination and impact on Vietnamese companiesOn September 4, 2024, the CBSA issued a final determination on the anti-dumping duties for the involved countries. Specifically, the duty rates for Vietnamese companies such as Hoa Phat Dung Quat Steel are 17.7% and Hoa Phat Hai Duong Steel is 13.5%. In contrast, the rates for Chinese and Egyptian companies remain significantly higher. For example, Chinese company Jiangsu Shagang faces a 34.0% duty, while other Chinese companies are subject to 46.2%. Egyptian company Suez Steel faces an 8.6% duty, while other Egyptian companies are subject to 21.3%.CBSA sets final anti-dumping rates with Vietnam lower than othersNext steps for Canada and VietnamThe Canadian International Trade Tribunal (CITT) continues to investigate whether these imports have caused significant damage to Canada's domestic industry and will issue a conclusion by October 4, 2024. If the CITT does not find any evidence of injury, the case will be dismissed.Given this situation, the Trade Remedies Authority of Vietnam recommends that exporting companies register as parties involved in the case to receive necessary information and respond within the stipulated timeframe. Businesses are also advised to closely coordinate with the trade remedies authority to receive timely support and protect their interests.According to statistics from Trademap, Vietnam's export turnover of wire rod products to Canada has increased significantly in recent years, from USD 10 million in 2020 to USD 21 million in 2021, reaching approximately USD 40 million in 2022. This growth demonstrates the competitiveness of Vietnam's steel industry while posing significant challenges in dealing with increasingly strict trade remedy measures from Canada.As Canada intensifies its monitoring and regulation of steel imports to protect its domestic market, it is expected that further investigations and anti-dumping duties will be imposed on other steel products from Vietnam in the near future. Follow AG真人游戏 Steel for the latest news on the steel market in Vietnam and worldwide.

The Indian government will need to carefully consider the interests of all stakeholders before making a final decision on imposing anti-dumping duties on HRC steel imports from Vietnam.The recent anti-dumping investigation into Vietnamese HRC imports has been met with strong opposition from the Indian steel user community. They fear that the imposition of such duties could lead to higher steel prices, negatively impacting industries that depend on steel, such as automotive parts, agricultural tools,...Balancing trade protection and steel user interests in India's HRC probeAccording to Upkar Singh Ahuja, President of the Chamber of Industrial and Commercial Undertakings (CICU) in Punjab, "We do not want anti-dumping duties applied." He argues that imposing these duties would create a financial burden on SMEs, raising input costs and reducing their competitiveness. Some industrialists oppose the anti-dumping duties on Vietnamese HRC, concerned that large steel corporations in India might gain monopolistic control over the market by raising prices unreasonably.Akash Bassi, Vice President of CICU, also emphasized that anti-dumping measures could hinder free trade, create trade conflicts and disrupt supply chains. Other industry representatives, such as Honey Sethi and Rajnish Ahuja, also noted that the steel industry is currently profitable, the additional duties are unnecessary and could threaten the sustainability of SMEs.India's anti-dumping investigation into HRC imports from Vietnam is generating mixed opinions within the industry. While some large producers support the duties to protect their interests, many SMEs are concerned that this will increase production costs, reduce competitiveness and harm the local economy. The Indian government will need to carefully weigh the interests of all parties involved before making a final decision on imposing these anti-dumping duties.

On August 14, 2024, the Directorate General of Trade Remedies (DGTR) in India officially initiated an anti-dumping investigation into imported Vietnamese HRC steel.According to AG真人游戏 Steel, this investigation was launched at the request of the Indian Steel Association, which represents two major steel producers: JSW Steel Limited and ArcelorMittal Nippon Steel India Limited.India launches anti-dumping investigation into Vietnamese HRC steel importsWhich Vietnamese HRC products are under investigation?The investigation targets HRC products, both alloyed and non-alloyed, not clad, not plated or coated, with a thickness of up to 25mm and a width of up to 2100mm. These products fall under HS codes 7208, 7211, 7225 and 7226. The investigation will focus on the period from January 1, 2023, to March 31, 2024, with damage assessments covering the years from 2020 to 2023.Vietnamese steel alleged to be dumpedIndian steel producers allege that Vietnamese HRC is being imported into India at "dumping prices," causing significant harm to the domestic steel industry. They argue that there are no substantial differences in the physical and chemical properties, production process, technology, functionality or usage between their products and the imported steel from Vietnam.To counter the threat of cheap imports, they have proposed the implementation of anti-dumping duties on HRC imports from Vietnam to safeguard their domestic industry.Indian steelmakers push for anti-dumping duties on Vietnamese HRC importsImpact on the global steel marketThis investigation by India could have wide-reaching implications for the global steel market, particularly for Vietnam, which is among the top 5 steel exporters to India. According to BigMint research, during the fiscal year 2023-2024, India imported 3.55 million tons of HRC and plate steel, of which 620,000 tons (nearly 20%) were from Vietnam. This figure represents a threefold increase compared to the 22,000 tons imported in the fiscal year 2022-2023.Vietnam's steel exports to India triple, facing Indian market scrutinyResponse from VietnamTo respond to this investigation, the Vietnam Trade Remedies Authority has urged domestic businesses to actively cooperate with DGTR by providing comprehensive and accurate information. Additionally, businesses are advised to proactively request relevant information from DGTR to protect their interests in the investigation.As India initiates an anti-dumping investigation into Vietnamese HRC steel, the outcome could have a profound impact on trade relations and reshape the global steel market dynamics. Vietnamese steel producers must stay vigilant, actively participate in the investigation process, and defend their interests. Stay updated on the developments of this case to understand its full implication.

The situation of Vietnam's steel industry in the first 6 months of 2024 is showing positive signs when consumption output shows signs of good growth.To know more about Vietnam's steel industry, please follow the article below with AG真人游戏 Steel.Vietnam's steel industry is showing positive signsBright spots from the domestic steel marketAccording to the report of the Vietnam Steel Association (VSA), in the first 6 months of 2024, finished steel production increased by 10.1% over the same period last year to 14.427 million tons. In addition, sales reached 14.274 million tons, up 14.4% over the same period in 2023. In particular, export output reached 4.216 million tons, up 8.6% over the same period in 2023.Since the beginning of the year, the steel industry has benefited greatly from increased domestic consumption due to the recovery of the real estate market. In addition, the Government is making efforts to promote disbursement and speed up the progress of key projects. This is a bright spot for the recovery of the steel industry.According to the financial report, the highest profit continues to be Hoa Phat Group Joint Stock Company when it achieved a net profit in the second quarter of 2024 of nearly 3,320 billion VND, an increase of 127% over the same period. In the first 6 months of 2024, Hoa Phat recorded a profit after tax of nearly 6,189 billion VND, nearly 3.4 times higher than the same period last year. In the first 5 months of 2024, Vietnam exported about 5.505 million tons of steel, an increase of 25.61% over the same period last year. The export value reached 4.041 billion USD, an increase of 17.19% over the same period in 2023. This is a signal reflecting the recovery of the export market in the last months of 2024 and early 2025.The domestic steel market is gradually recoveringChallenges from trade defenseCurrently, trade defense is one of the major challenges for steel manufacturing enterprises. Recently, the EU has also initiated an investigation into HRC from Vietnam. This requires enterprises to have effective calculations and business strategies, especially to comply with regulations and proactively coordinate in issues related to trade defense.In addition, at the end of July 2024, the Ministry of Industry and Trade decided to investigate and apply anti-dumping measures on some HRC steel products originating from India and China. This decision is beneficial for domestic HRC producers but disadvantageous for many businesses that depend on imported HRC sources. For example, Hoa Phat is focusing on putting the Hoa Phat Dung Quat 2 Iron and Steel Production Complex into operation with the expectation of producing 5.6 million tons of HRC steel per year, bringing Hoa Phat's total crude steel production capacity to over 14 million tons/year.AG真人游戏 Steel has provided you with the latest information about the Vietnamese steel industry. Hopefully, it will help your operations in the near future. If you have a need to buy Vietnamese steel products, please contact us via this form.

The Vietnam steel export report for the first six months of 2024 shows an impressive recovery in the steel industry, with 6.49 million tons exported, generating nearly $4.78 billion. The U.S. accounted for the largest market share with 14.5% of total exports, followed by Italy and Cambodia. With the potential for export growth in the second half of 2024 and the 2025-2027 period, Vietnam鈥檚 steel industry is expected to continue conquering international markets, leveraging its competitive production costs and stable product quality.The Vietnamese steel industry shines globally: 6.49 million tons exported in H1 2024, with the U.S. leading the wayEconomic and social situation in June and H1 2024In June and H1 2024, the economic and social situation continued its positive trend, with many sectors achieving better results than in May and the same period in 2023. The construction sector increased by 7.34%, the highest growth compared to the same period in the years 2020-2024. However, the growth of the steel industry has not been stable, with production and sales of steel products indicating that domestic demand has not fully recovered.Steel production and sales situationJune 2024Vietnamese crude steel production reached 878,343 tons, down slightly by 0.4% m/m but up 27.4% y/y. Finished steel production reached 2.463 million tons, down 4.95% m/m but up 22.4% y/y. Construction steel, HRC, galvanized steel and steel pipes maintained high growth rates, while cold rolled coil (CRC) production decreased by 10.5%.Finished steel sales reached 2.362 million tons, down 7.53% m/m but up 9.3% y/y. Finished steel exports reached over 662,000 tons, up 10.9% m/m but down 8.9% y/y.First six months of 2024Finished steel production reached 14.427 million tons, up 10.1% y/y. Finished steel sales reached 14.274 million tons, up 14.4% y/y, with exports reaching 4.216 million tons, up 8.6% y/y.Steel import and export situationImportsVietnam imported 1.547 million tons of steel in May 2024, up 20.57% m/ and up 84.72% y/y. In the first five months of 2024, Vietnam imported 6.919 million tons of steel with a value of over $5.015 billion, up 50.21% in volume and up 27.47% in value compared to the same period in 2023.ExportsIn May 2024, Vietnam exported 1.117 million tons of steel, up slightly by 0.78% m/m but down 1.37% y/y. The export value reached more than $797 million, down 4.53% m/m and down 14.36% y/y.Top 3 largest export market share in the first 6 months of 2024In H1 2024, Vietnam exported 6.49 million tons of steel, earning nearly $4.78 billion at an average price of $735.8/ton. The U.S. was the largest market, accounting for 14.5% of total volume and 16.5% of total export value, followed by Italy and Cambodia.Export volume Vietnamese types of steel in the first 6 months of 2024Market assessment and forecast for Vietnamese steelThe Vietnamese steel market in H1 2024 has shown positive signs of recovery, with prospects for further export growth in the second half of 2024 and the 2025-2027 period. According to the WSA report, global steel demand is expected to grow slightly in 2024 and 2025, with an average annual growth rate of 2.3%. As one of the largest steel producers in Southeast Asia, Vietnam will continue to benefit from this trend. OECD Steel Market Developments also indicates that steel prices may continue to fluctuate due to changes in raw material supply and protectionist measures from major economies. However, Vietnam has the advantage of competitive production costs and stable product quality, and it will continue to be a major steel supplier to the international market.Top countries importing Vietnamese GI in the first 6 months in 2024In addition, favorable international trade and tariff policies from the U.S. and EU will also be key factors influencing Vietnam's steel exports. Starting August 1, 2024, Chinese steel exports to the U.S. are subject to a tax rate of up to 50%, while Vietnamese steel only faces a 25% tariff under Section 232, making Vietnamese steel a more optimal choice for U.S. importers.For the latest updates on the steel market and Vietnamese steel import-export situation, customers can contact AG真人游戏 Steel via WhatsApp: +84 769 112 358 or Email: [email protected] for 24/7 support.

On May 14, 2024, U.S. President Joe Biden announced an increase in tariffs on $18 billion worth of imports from China, including electric vehicles (EVs), solar panels, semiconductors, iron and steel, in a bid to protect American industries. The tariff increase is expected to significantly impact Chinese exporters, prompting U.S. importers to look for cheaper alternative sources, such as Vietnam.New US tariffs on Chinese imports open doors for Vietnam's booming export marketOn May 22, 2024, the US Trade Representative (USTR) announced proposed amendments to tariffs on Chinese imports, effective from August 1, 2024.ImportCurrent rateNew rateElectric vehicles (EVs)25%100%Semiconductors25%50%Solar cells25%50%Syringes and needles0%50%Some steel and aluminium products*鈥�7.50%25%Lithium-ion EV batteries7.50%25%Lithium-ion non-EV batteries*7.50%25%Battery parts*7.50%25%Some personal protective equipment (PPE)*鈥�7.50%25%Rubber medical and surgical gloves*7.50%25%Natural graphite and permanent magnets0%25%Other critical minerals0%25%Ship-to-shore cranes0%25%The US has imposed additional Section 301 tariffs on these products, including steel and aluminum products, electric vehicles, batteries and semiconductors. These products will face significant tax increases, such as for electric vehicles, quadrupling from 25% to 100%. Other categories such as steel and aluminum products were previously not subject to tax or only 7.5% but will soon be subject to import tax of up to 25%.US proposes steep tariff hikes on Chinese imports, effective August 1, 2024Thus, China is currently subject to both Section 232 and Section 301 tariffs. This means that steel exports from China to the US are subject to a tax rate of up to 50%. Meanwhile, steel from Vietnam is only subject to a 25% tax rate under Section 232. This difference creates a clear competitive advantage for the Vietnamese steel industry in the US market.In response to the increased tariffs on Chinese steel, U.S. steel importers are actively looking for alternative sources of supply and Vietnam has emerged as an ideal choice with many of the following advantages:High-quality productsVietnamese steel is produced according to international standards ASTM, EN, JIS,..., achieving certifications for quality and environmental management systems such as ISO 9001, ISO 14001, OHSAS 18001,... These certifications not only confirm product quality but also ensure a safe and environmentally friendly production process.Large steel mills in Vietnam such as Hoa Phat, Hoa Sen, Formosa,... use modern production lines and advanced technology from the world's leading metallurgical brands like Danieli, Tenova, ... Currently, Vietnam has become self-sufficient in raw material input (HRC), so 100% of products can prove their origin, meet strict international standards, ensuring reliability and stability for construction and industrial projects in the US.Vietnamese steel ensures high quality and reliability for US construction and industrial projectsCompetitive priceWith a 25% tariff under Section 232, Vietnamese steel has a more competitive price than Chinese steel in the current context. This is also the reason why more and more American importers are contacting and looking for Vietnamese steel sources to optimize costs.Favorable geographical locationVietnam is strategically located in Asia, near the world's  major maritime routes, including routes connecting Southeast Asia with North America and Europe. This helps reduce transportation costs and delivery times, a crucial factor in maintaining a stable supply chain.The shipping time from Vietnam to major U.S. ports like Los Angeles, Long Beach, New York, Savannah,... only takes about 30-45 days depending on the specific conditions and schedule of each shipment.Compared to other countries in the region, transit time from Vietnam to the US is equivalent or even shorter due to the development of direct maritime routes and modern port infrastructure in Vietnam. This helps optimize the supply chain and ensure stable supply for U.S. importers.Vietnam's strategic location and efficient maritime routes ensure faster and cost-effective delivery to major US portsStable supplyVietnam has many modern steel plants, ensuring continuous supply capability and meeting large demands from international partners. According to the Vietnam Steel Association (VSA), Vietnamese crude steel output in 2023 reached about 24 million tons, up 8% compared to 2022. Construction steel output reached 11 million tons, up 9% over the previous year. It is forecasted that in 2024, finished steel production could reach 29 million tons, a 6.7% increase compared to 2023. In the first three months of 2024, Vietnam's steel exports reached 3.23 million tons, valued at $2.39 billion, a 40.6% increase in volume and 38.9% increase in value compared to the same period in 2023, with major export markets including the U.S., Italy, and Cambodia.The increase in tariffs on Chinese steel not only impacts trade relations between the US and China but also creates significant changes in the global steel market, opening up opportunities for steel manufacturers in other countries, especially Vietnam. Currently, Vietnam is one of the world's largest steel producers with crude steel output ranking 12th globally. In particular, AG真人游戏 Steel has many years of experience in exporting steel to the US, knowledgeable about products, markets, tariff policies, logistics,... helping importers significantly optimize the time and effort of purchasing Vietnamese steel. Contact AG真人游戏 Steel via Email: [email protected] or Whatsapp: +84 769 112 358 to receive detailed advice from our team of experts!