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Trump Trade War - Vietnamese steel sector caught in trade war- The 20th China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
8/21/2018 管材展-钢管展-steel tube expo-tube &pipe expo |
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Biz Hub reported that improving material supplies and proof of product origin were ways to limit the impact of trade lawsuits amid the growing US–China trade war. The Ministry of Industry and Trade forecast that the steel sector would maintain annual growth of nearly 20 per cent this year, including construction steel (up 10 per cent), cold rolled coil (5 per cent), straight welded steel pipes (15 per cent), galvanised iron sheet and colour coated paint (12 per cent). Hot rolled coil is expected to see the strongest growth of up to 154 per cent.
Hoa Sen Corporation plans to put into operation a manufacturing line for cold rolled coils, galvanised and coloured coat steel with a capacity of 350,000 tonnes this year, while Tung Ho will launch a line able to produce 600,000 tonnes of construction steel.
Hoa Phat Corporation will embark on a rolled steel project with a capacity of roughly 600,000 tonnes in August and build a furnace in the central province of Quang Ngai, which is expected to be inaugurated in 2019 and eventually yield three million tonnes of steel sheets and coils each year.
Tran Dinh Long, chairman of Hoa Phat Corporation, said it was the first time a Vietnamese firm had been able to manufacture hot rolled coils.
Nguyen Thao Vy from Viet Capital Securities commented that with the launch of many manufacturing lines, domestic steel firms could prove the origin of their products to avoid anti-dumping taxes.
Vice Chairman of the Viet Nam Steel Association Nguyen Van Sua said Viet Nam was suspected of being a transit for Chinese steel to move abroad.
To counter that, the US Department of Commerce imposed a 199.76 per cent anti-dumping tax and a 256.44 per cent special consumption tax on Vietnamese cold rolled coils allegedly originated from China, after concluding that such products avoided the US’s anti-dumping tax on the Chinese products.
In recent years, though domestic demand for steel has been met, China has adopted measures to send steel to Viet Nam, from cutting prices to export incentives. Sometimes, Chinese steel is 20-30 per cent cheaper than Vietnamese products.
To combat this, Viet Nam has taken trade defence measures by imposing a 10-30 per cent anti-dumping tax on Chinese steel.
Mr Sua suggested that domestic firms invest in technological advances, improve governance capacity to increase competitiveness and study international practices. He called on the State to continue with trade defence measures and ensure rolled coils used in construction projects under the guise of other kinds of steel were taxed accordingly.
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Source : BIZ HUB
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