Market
July 9, 2024
CRU: Surge of Chinese steel imports causes concern in Vietnam
Written by CRU
The volume of steel shipped into Vietnam more than doubled in May to 1.1 million mt, with China’s share above 70%, according to customs’ statistics.
In the first five months, Chinese imports were more than 4.7 million mt, an increase of 91% year on year.
Vietnam’s steel companies are worried, especially as the domestic market is still struggling with a real estate downturn, Vietnam Steel Association chairman Nghiem Xuan Da said.
“The oversupply of many domestic steel products and the increase in imported steel products will push domestic steel makers to lose market share,” Da was quoted as saying by the business publication Vietnam Investment Review.
Often the subject of anti-dumping investigations itself– in particular from the U.S., EU, and Australia– Vietnam is prepared to take action to protect the country’s steel industry.
In June, the ministry of industry and trade launched an AD probe into allegations galvanized steel from China and South Korea is harming domestic producers.
This article was first published by CRU. To learn more about CRU’s services, visit www.crugroup.com.
