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Vietnam to slap anti-dumping duties on China, South Korea coated steel

Singapore — Vietnam plans to impose anti-dumping duties on coated steel from China and South Korea effective from June 25, for around four months, before final determinations in the ADD investigations are made, the country's trade ministry said this week.

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According to the trade ministry's announcement, 19 Chinese companies would be subjected to ADD rates ranging from 3.45% to 34.27%, with the rate for material from Yieh Phui (China) Technomaterial the lowest at 3.45%. Products from other unspecified Chinese companies would be applied an ADD rate of 34.27%. Products from South Korea's Dongbu Incheon Steel and Dongkuk Steel Mill would be subjected to ADD rates of 4.48% and 18.08% respectively. ADDs for products from other South Korean producers would be 19.25%.

"I think in a short-term, the anti-dumping duty could ease the current pressure on Vietnam's domestic coated steel industry. It would definitely limit the exports from China and South Korea, but that also means more potential market share for Taiwanese and Japanese producers," said a Taiwan-based mill source.

The duties will be applied to certain alloy or non-alloy, varnished painted or coated flat steel products from China and South Korea.

Vietnam's trade ministry started an investigation on the imposition of ADDs for some products from China and South Korea on June 1, 2017, which was requested by four local steelmakers. The proposed ADDs by the requesters were 25.5% for imported products from China and 19.25% for South Korea.

Little impact has been observed so far on the regional steel market after the Vietnamese ministry's announcement.

"We have not been exporting much coated steel to Vietnam for a long time. I don't foresee much impact after this announcement," said an eastern China-based mill source. Chinese coated steel exports to Vietnam have already dropped this year due to the tariff concerns, an eastern China-based trader commented.

"I don't think much (South) Korean coated steel is exported to Vietnam, so very limited impact on (South) Korean mills," said a South Korean mill source.

-- Fay Gao, xiaojuan.gao@spglobal.com

-- Edited by Nurul Darni, newsdesk@spglobal.com