Vietnam may increase duties on imported steel products
In Vietnam, availability of steel products is reported to be fairly high. Depending on high stock levels and expectation of decrease in the prices, it is said that, Vietnam Ministry of Trade may increase duties on imported steel products used in
construction.
According to the forecasts, in May-July period, domestic steel demand will be around 660'000 tons however supply is expected to reach 1 million tons, excluding imports. As no shortage problem in steel products used in
construction is expected, prices are forecasted to decrease by VND 700'000 ($44) per ton.
As reported by SteelOrbis, Vietnam steel producers demanded government to increase duties on imported steel products due to fairly high supply levels. Taking the demand of steel producers into consideration, Vietnam Ministry of Trade agreed to consider increasing the import tariffs, in order to avoid a surge of material in the Vietnamese market.