HRC import from China soars, weighing on domestic producers
HRC import from China soars, weighing on domestic producers
The import of hot rolled coil (HRC) from China has soared significantly in recent months, weighing on the domestic industry.
Steel production at a plant of Hoà Phát. — VNA/VNS Photo Tuấn Anh |
Statistics of the General Department of Customs showed that HRC import amounted 890,000 tonnes in April, 1.5 times higher the domestic total output with China accounting for 71 per cent.
In the first four months of this year, Việt Nam imported a total of 3.93 million tonnes of HRC Steel, up 32 per cent against the same period last year. Import from China totalled 2.9 million tonnes, twice as much as last year.
HRC import prices from China is much lower other markets, averaging US$578 per tonne in the first four months of this year. HRC imported from the Republic of Korea is $132 per tonne higher.
Two big domestic steel manufactures, Hoà Phát and Hưng Nghiệp Formosa, in March submitted a file to the Ministry of Industry and Trade requesting the initiation of an anti-dumping investigation on imported HRC mainly from China and India.
China’s overcapacity is triggering a global concern.
The US recently announced an increase in tariffs on Chinese electric vehicles to more than 100 per cent, designed to stop cheap subsidised Chinese goods flooding the US market.
The tariffs will also be raised for lithium batteries, critical minerals, solar cells and semiconductors.
Thailand is considering expansion of anti-dumping measures on HRC steel imported from China over a concern that numerous Thai steel manufacturers might have to shut down this year because of being unable to compete with the dumping of China.
