Vietnam to start reviewing duties on billets and longs

Tuesday, 13 August 2019 11:18:18 (GMT+3)   |   Istanbul
       

The Trade Remedies Authority of Vietnam has received filings from Hoa Phat Hai Duong Steel JSC, Southern Steel Company – VNSteel, Thu Duc Steel JSC and Bien Hoa Steel JSC, who asked for the end-of-term review of import duties for billets and longs, which will expire in early 2020.

In 2016, Vietnam imposed safeguard duties of 23.3 percent on steel billets and 15.4 percent on long steel products. The tariffs were reducing every year and came to 17.3 percent on steel billets and 10.9 percent on long steel products for the period between March 22, 2019 and March 21, 2020.

Though imports of billets and longs fell sharply since the safeguard duties were implemented, it is unlikely that Vietnam will leave local producers without support. Moreover, profits of Vietnamese companies were under pressure this year due to high raw material costs.


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