Vietnam’s steel imports continued their upward trend for the third consecutive month in October. Total volume reached 2.41 million tonnes, an impressive increase of 55.9% from the previous month and 88.6% from the previous year. Of this, 1.86 million tonnes came from China, accounting for 90% of the total growth. According to preliminary data from Vietnam Customs, steel imports from January to October stood at 14.71 million tonnes, a 38.2% increase from the previous year.
China is still the dominant supplier of Vietnam’s steel imports. However, Vietnam’s anti-dumping measures against Chinese hot-rolled steel are reportedly coming into effect soon. This development has prompted some Chinese exporters to accelerate their shipments.
Along with the increase in steel imports, Vietnam’s coal imports also increased in October. The country imported 4.34 million tons of coal, while Indonesia was the largest supplier with 2.47 million tons. Coal imports increased by 31.28% y-o-y to 54.3 million tons between January and October.
In addition, as previously reported by SteelRadar, Vietnam's Ministry of Industry and Trade (MOIT) announced that on November 12, 2024, anti-dumping (AD) duties on cold-rolled stainless steel products imported from Taiwan, Indonesia, Malaysia, and China will be lifted.
This development is expected to reduce costs for Vietnamese steel importers and manufacturers and provide greater flexibility in the supply chain. By lifting anti-dumping duties, MOIT aims to create a more competitive production environment in the country and build stronger partnerships with Asian trading partners.
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