HANOI (Reuters) – Vietnam will impose a temporary anti-dumping levy of up to 37.13% on some galvanised steel products originating from China, and up to 15.67% for some products from South Korea, showed a trade ministry statement dated April 1.
The tariffs will take effect from April 16 and be in place for 120 days, the statement showed.
Chinese steel manufacturers, including industry leader Baoshan Iron & Steel, will be subjected to the 37.13% rate. However, Boxing Hengrui New Material and Yieh Phui Technomaterial will be exempted, according to the statement.
South Korea’s Hyundai Steel will face a 13.7% tariff, while other South Korean steel manufacturers will be levied at 15.67%, with the exception of POSCO, KG Dongbu Steel, and Dongkuk Coated Metal, the statement showed.
The development follows a push by Vietnam’s steel association in late February for tariffs, citing pressure on the domestic steel industry from galvanised steel imports from China and South Korea.
In February, Vietnam also imposed a temporary anti-dumping duty ranging from 19.38% to 27.83% on some hot-rolled steel products from China, effective from March 7.
The U.S. announced a 46% tariff on imports from Vietnam on Wednesday. It is not clear how the U.S. action would affect Vietnam’s steel industry.
However, the U.S. from March 4 has levied 25% tariffs on all its steel imports and has previously imposed anti-dumping duties on multiple Vietnamese steel products and manufacturers, in some cases exceeding 25%.
(Reporting by Phuong Nguyen; Editing by John Mair and Christopher Cushing)
Comments