Vietnam initiates anti-dumping probe into HRC steel from China, India

Vietnam's Ministry of Industry and Trade has officially initiated an anti-dumping investigation into hot-rolled coil (HRC) steel imports from mainland China and India.

The review period for the probe is July 1, 2023 - June 30, 2024, the ministry said in a statement on Monday.

The investigation has been launched after a petition submitted in March by Vietnamese steel major Hoa Phat Group and Taiwan-invested Formosa Ha Tinh Steel Corporation.

The ministry’s Trade Remedies Authority of Vietnam will send questionnaires to stakeholders to collect information and assess: the extent of dumping; damage to the domestic steel industry; and cause-effect analysis of dumping.

Under Vietnamese legislation, the investigation should end within 12 months from its initiation or a maximum of 18 months if an extension is needed.

Based on preliminary investigations, the ministry may apply temporary dumping countermeasures to prevent further damage to the domestic industry.

At Hoa Phat Group’s 2024 AGM in April, chairman Tran Dinh Long had said the initiation of an anti-dumping investigation was normal practice. “To be fair, no country accepts steel imports exceeding domestic production,” he noted.

Data from the General Department of Vietnam Customs shows that Vietnam imported 886,000 tons of HRC steel in June, 51% higher than the domestic output, with China accounting for 77% of the import volume.

Notably, the average price of Chinese imports was $560/ton, $45-108/ton lower than in other countries.

In the first six months of this year, HRC imports reached nearly 6 million tons, up 32% year-on-year, 73% higher than domestic output. Chinese products accounted for 74%, while the rest came from other economies including Taiwan, South Korea, India, and Japan.

Out of the $3.46 billion Vietnam spent on HRC imports in H1/2024, Chinese imports were worth $2.5 billion.