Vietnam Adds To Global Steel Turmoil With Tariffs Hitting China
Vietnam will impose anti-dumping tariffs on steel from China, following South Korea and other nations in fighting back against surging supplies from the world's biggest producer.
The Southeast Asian nation will impose temporary tariffs on some hot-rolled coil starting from early March, according to a statement from the Ministry of Industry and Trade on Friday. Outside China itself, Vietnam is the biggest single buyer of Chinese steel, and hot-rolled coil is a major export product.
China sent the most steel overseas in nine years in 2024, as its producers turned to global markets to offset a deep construction slowdown at home. That set the stage for President Donald Trump to propose a blanket 25% tariff on all US imports, and has prompted nations from South Korea to Brazil and India to consider levies.
The flurry of protectionism will pile pressure on Beijing to rein in its billion-ton steel industry after several years of slowing domestic demand. Steel futures in China fell as much as 1.8%, while steelmakers in Vietnam advanced.
Recent tariff decisions “should incentivize the Chinese government to launch another round of supply reform” to boost supply discipline and improve industry profitability, analysts including Jack Shang from Citigroup Inc. wrote in a note.
Vietnam's temporary tariffs of between 19.38% and 27.83% will come into force on March 7 and last for 120 days. China exported about 8 millions tons of HRC to Vietnam last year, and the tariffs would likely cover about 50% of that volume, Citigroup said, citing discussions with industry players.
The anti-dumping probe was triggered by Hoa Phat Group and Formosa Ha Tinh Steel Corp., two major Vietnamese steelmakers who requested an investigation of imports from India and China last year. The government won't go ahead with duties on India at this moment, it said.
HRC futures on China's Shanghai Futures Exchange were 1.3% lower by 11:34 a.m. local time, while iron ore in Singapore was little changed at $107.45 a ton.
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