Vietnam and Formosa Plastics Hejing demand anti-dumping investigations against Chinese hot-rolled coils. Nine companies express opposition

In late March, Hoa Phat and FHS from Vietnam submitted applications to the Ministry of Industry and Trade for anti-dumping investigations on hot-rolled coils from China.

It is understood that from January to February 2024, Vietnam imported 1.4 million tons of hot-rolled steel coils from China, accounting for 74.2% of the total hot-rolled steel coil imports. Therefore, Hoa Phat and FHS intend to take action to protect the domestic market. However, nine Vietnamese steel producers, including Hoa Sen Group QSTE500N steel , opposed the proposal made by Hoa Phat and FHS, stating that hot-rolled coils are the main raw materials for products such as hot-dip galvanized coils, coated steel, steel pipes, and structural steel. The domestic supply of hot-rolled coils in Vietnam only meets 30% of the demand, and galvanized steel producers mainly rely on imported hot-rolled coils for raw material production. If Vietnam imposes anti-dumping duties on imported hot-rolled QSTE500N steel coils, the price of imported raw materials for hot-rolled coils will inevitably increase due to the increase in anti-dumping duties. Therefore, the price of finished steel will correspondingly increase. This seriously affects the competitiveness of Vietnamese galvanized steel and steel pipe manufacturers in both domestic and export markets.

Hoa Sen Group stated that the current dumping margin is only 1.26%, and QSTE500N steel hot-rolled coil products from China have not been involved in dumping, and Chinese hot-rolled coil products do not pose a threat to the domestic market in Vietnam. Therefore, they oppose the adoption of anti-dumping measures.