Saturday, September 6, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Real Estate

Vietnam adds to global steel turmoil with tariffs hitting China

by Stephanie Irvin
in Real Estate
Vietnam adds to global steel turmoil with tariffs hitting China
Share on FacebookShare on Twitter


Outside China itself, Vietnam is the biggest single buyer of Chinese steel, and hot-rolled coil is a major export product

VIETNAM will impose anti-dumping tariffs on steel from China, following South Korea and other nations in fighting back against surging supplies from the world’s biggest producer.

The South-east Asian nation will impose temporary tariffs on some hot-rolled coil starting from early March, according to a statement from the Ministry of Industry and Trade on Friday (Feb 21). Outside China itself, Vietnam is the biggest single buyer of Chinese steel, and hot-rolled coil is a major export product.

China’s sent the most steel overseas in nine years in 2024, as its producers turned to global markets to offset a deep construction slowdown at home. That set the stage for President Donald Trump to propose a blanket 25 per cent tariff on all US imports, and has prompted nations from South Korea to Brazil and India to consider levies.

The flurry of protectionism will pile pressure on Beijing to rein in its billion-tonne steel industry after several years of slowing domestic demand. Steel futures in China fell as much as 1.8 per cent, while steelmakers in Vietnam advanced.

Recent tariff decisions “should incentivise the Chinese government to launch another round of supply reform” to boost supply discipline and improve industry profitability, analysts including Jack Shang from Citigroup wrote in a note.

Vietnam’s temporary tariffs of between 19.38 per cent and 27.83 per cent will come into force on Mar 7 and last for 120 days. China exported about eight millions tonnes of HRC to Vietnam last year, and the tariffs would likely cover about 50 per cent of that volume, Citigroup said, citing discussions with industry players.

The anti-dumping probe was triggered by Hoa Phat Group and Formosa Ha Tinh Steel, two major Vietnamese steelmakers who requested an investigation of imports from India and China last year. The government will not go ahead with duties on India at this moment, it said.

HRC futures on China’s Shanghai Futures Exchange were 1.3 per cent lower by 11.34 am local time, while iron ore in Singapore was little changed at US$107.45 a tonne. BLOOMBERG

Share with us your feedback on BT’s products and services

Tags: AddsChinaGlobalHittingsteelTariffsTurmoilVietnam
Stephanie Irvin

Stephanie Irvin

Next Post
Woman Accused of Stealing 0k Worth of Trump Crypto from Ex

Woman Accused of Stealing $800k Worth of Trump Crypto from Ex

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In