#steel

Vietnam imported over 8.22 million tonnes of iron and steel during the first half of this year, up 48% in volume and 25% in value compared to the same period from last year.

PSNews - Vietnam is the leading Southeast Asian trade partner of the US, which in turn is the second biggest trade partner of Vietnam. Bilateral trade surpassed 110 billion USD in 2021.

Vietnamese iron and steel exports during the opening 11 months of the year enjoyed impressive growth with an export value exceeding US$10 billion, according to figures given by the Vietnam Steel Association (VSA).

Steel prices have hit a new high after a series of rapid increases from May through June 2021 when they increased by more than 50 percent compared to the beginning of the year.

PSNews - The Trade Remedies Authority under the Vietnamese Ministry of Industry and Trade on June 10 announced, Canada is kicking off its 4th exclusion inquiry on imported steel product from some countries, including Vietnam.

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

Domestically-produced steel products are facing the risk of unfair competition from those originating from China as result of the ongoing US-China trade war, insiders have warned.

Vietnam’s total steel export value in the first quarter this year rose 5.8 percent year-on-year to 744 million USD, the General Department of Vietnam Customs said on March 27.

Enhancing product quality and optimising production cost would help domestic steel producers compete with the cheap products imported from China, Nguyen Van Sua, deputy president of the Vietnam Steel Association, said.

The Ministry of Industry and Trade (MoIT) has advised Vietnamese exporters to strictly abide by regulations related to products’ origin.

Vietnam’s Ministry of Industry and Trade (MoIT) has decided to maintain safeguard measures for steel billets and steel bars imported from a number of countries and territories including China, the US, Canada, Germany, France, Japan and the Republic of Korea.

A recent rise in anti-dumping lawsuits in the local steel industry has steelmakers worried.

The Indonesian Anti-Dumping Committee (KADI) has announced to terminate an anti-dumping investigation on colour-coated steel sheet products imported from China and Vietnam.

As Vietnam seeks to increase its steel exports amid global overcapacity, the steelmaking industry is expected to face tremendous pressure from trade defence measures deployed by the importing countries.

Vietnam spent $32 billion on imports from China in the first eight months of the year, including products which are plentiful in Vietnam.