Vietnam's HRC Steel Exports Plummet Nearly 88% Amidst Trade Pressures
[tintuc]
Vietnam's hot-rolled coil (HRC) steel exports have experienced a dramatic decline, falling by nearly 88% in January compared to the same period last year. Export volumes reached only 39,381 tons, a sharp drop from the 33% export ratio seen throughout 2024, now representing only 7% of total output.
Market Dynamics:
Export Decline:This significant decrease is attributed to heightened competition from Chinese steel producers in global markets, coupled with rising trade protectionism.In 2024, Vietnam's HRC steel exports had already decreased by 34%, totaling 2.2 million tons.
International Market Trends:The average price of HRC steel in the Asian market fell by 16% year-on-year, settling at approximately $474 per ton in January.Conversely, HRC steel prices in Europe and the United States are showing an upward trend.The price gap between the Asian market and North America is roughly $300 per ton.
Domestic Market Developments:Vietnamese HRC producers received positive news with the imposition of provisional anti-dumping duties on HRC imports from China.On February 21st, 2025, the Ministry of Industry and Trade issued Decision No. 460/QD-BCT, implementing temporary anti-dumping duties on specific HRC steel products originating from India and China.The temporary anti-dumping duty rates applied to Chinese products range from 19.38% to 27.83%.These duties will take effect 15 days after the decision's issuance and will remain in place for 120 days.Due to the investigation results, even though there was dumping happening, the import rate from India was under 3%, so India steel products were removed from the anti dumping tax.Sales of hot rolled coil steel in January fell almost 8% to 553,695 tons.
Contributing Factors:
Intense competition from Chinese steel exports.Growing global trade protectionism, including anti-dumping investigations initiated by India and the European Union, and the United States’ imposition of a 25% tariff on steel imports.Implications:
The anti-dumping duties are expected to provide some relief for domestic HRC producers against unfair competition.However, ongoing trade barriers continue to pose challenges for Vietnam's steel export sector.
[/tintuc]
Vietnam's hot-rolled coil (HRC) steel exports have experienced a dramatic decline, falling by nearly 88% in January compared to the same period last year. Export volumes reached only 39,381 tons, a sharp drop from the 33% export ratio seen throughout 2024, now representing only 7% of total output.
Market Dynamics:
Export Decline:
This significant decrease is attributed to heightened competition from Chinese steel producers in global markets, coupled with rising trade protectionism.
In 2024, Vietnam's HRC steel exports had already decreased by 34%, totaling 2.2 million tons.
International Market Trends:
The average price of HRC steel in the Asian market fell by 16% year-on-year, settling at approximately $474 per ton in January.
Conversely, HRC steel prices in Europe and the United States are showing an upward trend.
The price gap between the Asian market and North America is roughly $300 per ton.
Domestic Market Developments:
Vietnamese HRC producers received positive news with the imposition of provisional anti-dumping duties on HRC imports from China.
On February 21st, 2025, the Ministry of Industry and Trade issued Decision No. 460/QD-BCT, implementing temporary anti-dumping duties on specific HRC steel products originating from India and China.
The temporary anti-dumping duty rates applied to Chinese products range from 19.38% to 27.83%.
These duties will take effect 15 days after the decision's issuance and will remain in place for 120 days.
Due to the investigation results, even though there was dumping happening, the import rate from India was under 3%, so India steel products were removed from the anti dumping tax.
Sales of hot rolled coil steel in January fell almost 8% to 553,695 tons.
Contributing Factors:
Intense competition from Chinese steel exports.
Growing global trade protectionism, including anti-dumping investigations initiated by India and the European Union, and the United States’ imposition of a 25% tariff on steel imports.
Implications:
The anti-dumping duties are expected to provide some relief for domestic HRC producers against unfair competition.
However, ongoing trade barriers continue to pose challenges for Vietnam's steel export sector.
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