VSC lobbying to increase the import tariffs

VSC lobbying to increase the import tariffs

Vietnam Steel Corp (VSC) is lobbying for the increase of tariffs on steel imports by 3%. The currently applied rate is 7%. In case this request of VSC receives approval from the State Pricing Commitee the new rate to be applied will be 10%. However it is believed the chances for the approval are low due to the current regional price hikes in billet prices. Such probable increase in the import tariffs would serve VSC's subsidiaries and billet centers, the only semi finished producers in Thailand as it will support billet production. On the other hand it is commented that a further increase in the imported steel prices will lead to closing down of some re-roller producers as same cannot be afforded with the latest already risen prices.