Vietnam steel body seeks tariffs on Chinese, Korean galvanized steel
Raw steel coils are seen on the floor of the galvanizing line at ArcelorMittal Dofasco in Hamilton, Ontario, Canada, Feb. 14. Reuters-Yonhap
Vietnam's Steel Association has asked the government to impose tariffs on galvanized steel imported from China and Korea to protect domestic production, the government said on Friday.
Galvanized steel imports from China and Korea have been rising rapidly," putting heavy pressure on the domestic steel industry," the government cited an association proposal as saying.
It said imports from the two markets accounted for up to 64 percent to 67 percent of total imports during the 2022 to 2023 period. The complaint comes days after Vietnam announced it would impose a temporary anti-dumping levy ranging from 19.38 percent to 27.83 percent on some hot-rolled steel products originating from China.
"While hot-rolled steel, a main material for producing galvanized steel, is protected, there are no measures for imported galvanized steel," it quoted the steel association as saying.
The body warned that if the situation persisted, not only would the galvanized steel industry be damaged, the entire domestic steel industry would also be seriously affected.
The total value of steel and iron ore and steel and iron products imported from China last year was nearly $12 billion, according to Vietnam's customs data. The U.S. administration announced 25 percent tariffs on all its steel imports earlier this month, which would take effect on March 4.
Washington has already imposed anti-dumping duties on multiple Vietnamese steel exports and producers, in some cases even higher than 25 percent. It is not clear whether the latest U.S. duties would be applied to Vietnam's steel on top of existing anti-dumping measures. The planned U.S. tariffs could virtually hit all of Vietnam's goods exports to its top market. Vietnam is considering various measures that could help it to avoid tariffs. (Reuters)