India launches anti-dumping investigation into imported HRC from Vietnam
Steel NewsDate: 05-09-2024 by: Ngoc Cam
On August 14, 2024, the Directorate General of Trade Remedies (DGTR) in India officially initiated an anti-dumping investigation into imported Vietnamese HRC steel.
According to MRS Steel, this investigation was launched at the request of the Indian Steel Association, which represents two major steel producers: JSW Steel Limited and ArcelorMittal Nippon Steel India Limited.
India launches anti-dumping investigation into Vietnamese HRC steel imports
Which Vietnamese HRC products are under investigation?
The investigation targets HRC products, both alloyed and non-alloyed, not clad, not plated or coated, with a thickness of up to 25mm and a width of up to 2100mm. These products fall under HS codes 7208, 7211, 7225 and 7226. The investigation will focus on the period from January 1, 2023, to March 31, 2024, with damage assessments covering the years from 2020 to 2023.
Vietnamese steel alleged to be dumped
Indian steel producers allege that Vietnamese HRC is being imported into India at "dumping prices," causing significant harm to the domestic steel industry. They argue that there are no substantial differences in the physical and chemical properties, production process, technology, functionality or usage between their products and the imported steel from Vietnam.
To counter the threat of cheap imports, they have proposed the implementation of anti-dumping duties on HRC imports from Vietnam to safeguard their domestic industry.
Indian steelmakers push for anti-dumping duties on Vietnamese HRC imports
Impact on the global steel market
This investigation by India could have wide-reaching implications for the global steel market, particularly for Vietnam, which is among the top 5 steel exporters to India. According to BigMint research, during the fiscal year 2023-2024, India imported 3.55 million tons of HRC and plate steel, of which 620,000 tons (nearly 20%) were from Vietnam. This figure represents a threefold increase compared to the 22,000 tons imported in the fiscal year 2022-2023.
Vietnam's steel exports to India triple, facing Indian market scrutiny
Response from Vietnam
To respond to this investigation, the Vietnam Trade Remedies Authority has urged domestic businesses to actively cooperate with DGTR by providing comprehensive and accurate information. Additionally, businesses are advised to proactively request relevant information from DGTR to protect their interests in the investigation.
As India initiates an anti-dumping investigation into Vietnamese HRC steel, the outcome could have a profound impact on trade relations and reshape the global steel market dynamics. Vietnamese steel producers must stay vigilant, actively participate in the investigation process, and defend their interests. Stay updated on the developments of this case to understand its full implication.
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