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On May 14, 2024, U.S. President Joe Biden announced an increase in tariffs on $18 billion worth of imports from China, including electric vehicles (EVs), solar panels, semiconductors, iron and steel, in a bid to protect American industries. The tariff increase is expected to significantly impact Chinese exporters, prompting U.S. importers to look for cheaper alternative sources, such as Vietnam.New US tariffs on Chinese imports open doors for Vietnam's booming export marketOn May 22, 2024, the US Trade Representative (USTR) announced proposed amendments to tariffs on Chinese imports, effective from August 1, 2024.ImportCurrent rateNew rateElectric vehicles (EVs)25%100%Semiconductors25%50%Solar cells25%50%Syringes and needles0%50%Some steel and aluminium products*†7.50%25%Lithium-ion EV batteries7.50%25%Lithium-ion non-EV batteries*7.50%25%Battery parts*7.50%25%Some personal protective equipment (PPE)*†7.50%25%Rubber medical and surgical gloves*7.50%25%Natural graphite and permanent magnets0%25%Other critical minerals0%25%Ship-to-shore cranes0%25%The US has imposed additional Section 301 tariffs on these products, including steel and aluminum products, electric vehicles, batteries and semiconductors. These products will face significant tax increases, such as for electric vehicles, quadrupling from 25% to 100%. Other categories such as steel and aluminum products were previously not subject to tax or only 7.5% but will soon be subject to import tax of up to 25%.US proposes steep tariff hikes on Chinese imports, effective August 1, 2024Thus, China is currently subject to both Section 232 and Section 301 tariffs. This means that steel exports from China to the US are subject to a tax rate of up to 50%. Meanwhile, steel from Vietnam is only subject to a 25% tax rate under Section 232. This difference creates a clear competitive advantage for the Vietnamese steel industry in the US market.In response to the increased tariffs on Chinese steel, U.S. steel importers are actively looking for alternative sources of supply and Vietnam has emerged as an ideal choice with many of the following advantages:High-quality productsVietnamese steel is produced according to international standards ASTM, EN, JIS,..., achieving certifications for quality and environmental management systems such as ISO 9001, ISO 14001, OHSAS 18001,... These certifications not only confirm product quality but also ensure a safe and environmentally friendly production process.Large steel mills in Vietnam such as Hoa Phat, Hoa Sen, Formosa,... use modern production lines and advanced technology from the world's leading metallurgical brands like Danieli, Tenova, ... Currently, Vietnam has become self-sufficient in raw material input (HRC), so 100% of products can prove their origin, meet strict international standards, ensuring reliability and stability for construction and industrial projects in the US.Vietnamese steel ensures high quality and reliability for US construction and industrial projectsCompetitive priceWith a 25% tariff under Section 232, Vietnamese steel has a more competitive price than Chinese steel in the current context. This is also the reason why more and more American importers are contacting and looking for Vietnamese steel sources to optimize costs.Favorable geographical locationVietnam is strategically located in Asia, near the world's  major maritime routes, including routes connecting Southeast Asia with North America and Europe. This helps reduce transportation costs and delivery times, a crucial factor in maintaining a stable supply chain.The shipping time from Vietnam to major U.S. ports like Los Angeles, Long Beach, New York, Savannah,... only takes about 30-45 days depending on the specific conditions and schedule of each shipment.Compared to other countries in the region, transit time from Vietnam to the US is equivalent or even shorter due to the development of direct maritime routes and modern port infrastructure in Vietnam. This helps optimize the supply chain and ensure stable supply for U.S. importers.Vietnam's strategic location and efficient maritime routes ensure faster and cost-effective delivery to major US portsStable supplyVietnam has many modern steel plants, ensuring continuous supply capability and meeting large demands from international partners. According to the Vietnam Steel Association (VSA), Vietnamese crude steel output in 2023 reached about 24 million tons, up 8% compared to 2022. Construction steel output reached 11 million tons, up 9% over the previous year. It is forecasted that in 2024, finished steel production could reach 29 million tons, a 6.7% increase compared to 2023. In the first three months of 2024, Vietnam's steel exports reached 3.23 million tons, valued at $2.39 billion, a 40.6% increase in volume and 38.9% increase in value compared to the same period in 2023, with major export markets including the U.S., Italy, and Cambodia.The increase in tariffs on Chinese steel not only impacts trade relations between the US and China but also creates significant changes in the global steel market, opening up opportunities for steel manufacturers in other countries, especially Vietnam. Currently, Vietnam is one of the world's largest steel producers with crude steel output ranking 12th globally. In particular, MRS Steel has many years of experience in exporting steel to the US, knowledgeable about products, markets, tariff policies, logistics,... helping importers significantly optimize the time and effort of purchasing Vietnamese steel. Contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 769 112 358 to receive detailed advice from our team of experts!

By the end of 2023, the United States had investigated 59 trade defense cases against Vietnamese exports, accounting for nearly 25% of the total number of foreign cases investigating Vietnamese exports. In particular, the United States initiated an investigation and made official conclusions regarding all types of iron and steel. Importers can refer to the full and latest details in the article by MRS Steel.US investigated 59 trade cases on Vietnamese exports, mainly iron and steelU.S. investigation on anti-circumvention of Vietnamese round stainless steel wire rodOn February 1, 2022, the United States published a gazette to initiate an investigation into anti-dumping tax evasion on round stainless steel wire rod imported from Vietnam due to allegations of evasion of trade defense taxes being applied to Korea. On May 26, 2023, the United States published its final conclusion, according to which Vietnam did not evade taxes.U.S. Concluded Vietnam Did Not Evade Anti-Dumping Taxes on round stainless steel wire rodU.S. investigation on anti-circumvention of of Vietnamese steel pipe productsOn August 4, 2022, the United States published a gazette to initiate an investigation into anti-dumping and anti-subsidy duty evasion on a number of steel pipe products imported from Vietnam due to allegations of trade defense tax evasion being applied to China, Taiwan, South Korea, and India. On August 9, 2023, the United States announced its final conclusion, concluding circular welded carbon steel pipes and circular welded non-alloy steel pipe imported from Vietnam did not evade tax being applied to Taiwan-China due to not using HRS originating from Taiwan-China.For the remaining steel pipe products, on November 9, 2023, the United States published its final conclusions in the Official Gazette, stating that Vietnamese businesses have evaded anti-dumping and anti-subsidy taxes that the United States was applying to China, Taiwan (for some HS codes), Korea and India. However, the United States allows Vietnamese exporters to participate in the self-certification mechanism not to use HRS originating from the above accused countries to be exempted from measures (except for non-cooperative enterprises, providing complete information during the investigation).Vietnamese steel pipe products faced US trade duty evasion allegationsU.S. investigation on anti-circumvention of stainless steel plate and stripOn May 15, 2020, the United States published a gazette initiating an investigation into anti-dumping and anti-subsidy tax evasion on stainless steel plates and strips imported from Vietnam due to allegations of defensive tax evasion being applied to China. On March 29, 2023, the United States issued the final conclusion of the case, accordingly, stating that stainless steel plate and strip products imported from Vietnam used raw materials of Chinese stainless steel. However, the United States allows Vietnamese exporters to participate in the self-certification mechanism to be exempt from measures (except for non-cooperative enterprises, providing complete information during the investigation).The US investigated anti-dumping, anti-subsidy evasion on Vietnam stainless steelMRS Steel - consulting on policies and regulations for exporting Vietnamese steel to the United StatesMRS Steel is a unit specializing in providing solutions for importing Vietnamese steel of diverse types, notably HRC, galvanized steel, color-coated steel,... to the U.S. market. We have more than 12 years of experience in the field of steel export to major markets such as the U.S., UK, Australia, Europe,... so we clearly understand the regulations and policies to help optimize time and effort for customers.In addition, MRS Steel has a network connecting large mills in Vietnam such as Hoa Phat, Hoa Sen, Ngoc Minh, SeAh, Bluescope,... providing the highest quality products. As one of the strategic partners of Vietnamese factories, MRS Steel always enjoys many attractive preferential policies to offer the best prices to importers.Above are the cases of the United States investigating trade remedies against Vietnamese steel in 2023, latest updated by MRS Steel. Understanding the regulations and procedures for importing Vietnamese steel is challenging for many U.S. importers. Meanwhile, MRS Steel can assist importers in solving all issues quickly and simply. Please contact us via Whatsapp: +84 76 911 2358 or Email: vanloc@mrssteel.com.vn for the best support.

A new crisis is brewing in the Red Sea, one of the world's vital trade routes, with the potential to disrupt supply chains and drive up oil prices and inflation. This comes at a time when economic growth is slowing down.Red Sea - Important Maritime TransportationAs one of the crucial maritime routes, it accounts for approximately 15% of global maritime transportation volume. The Red Sea shows no signs of easing tensions, especially as recent Houthi warnings indicate a potential expansion of their targets in the region if the United States launches a campaign against their forces.The mentioned developments come shortly after Washington announced the formation of a coalition comprising various countries, including the United Kingdom, France, Italy, Spain,... to address Houthi attacks on shipping in the Red Sea. Simultaneously, this coalition has deployed military assets to counter missile and drone attacks.Conflict in the Red Sea and the Risk of an International Transportation CrisisThe Suez Canal is currently the shortest maritime route connecting Asia and Europe, accounting for approximately 15% of global maritime traffic. The conflict in the Red Sea has a significant impact on the global transportation and trade situation. This route is closely linked to the Suez Canal, meaning that ships avoiding the Red Sea also have to steer clear of the crucial route through the Suez Canal. This canal is one of the seven critical chokepoints for global transportation.The drone and missile attacks by Houthi forces in Yemen on vessels navigating the Red Sea are forcing global shippers to reroute their journeys around the Cape of Good Hope in Southern Africa. This redirection extends the sea travel time by an additional 10–14 days. The harsh weather and frequent rough seas at the Cape of Good Hope and the Mozambique Channel result in faster fuel consumption, leading to increased fuel costs. Additionally, vessels face numerous challenges, including fuel replenishment, cargo restocking, customs issues, overloading and inadequate infrastructure at African ports.These wars are creating a significant risk of disruption to transportation activities through the Suez Canal and the Red Sea, leading to increased shipping costs for various types of vessels, including tankers, container ships, and bulk carriers, thereby indirectly supporting the recovery of oil prices. Additionally, ships passing through the Red Sea are facing significantly higher conflict-risk insurance premiums, with current fees having surged by fivefold. Meanwhile, many transportation experts believe that disruptions in routes may lead to a situation where ships are in the wrong position and containers are misplaced, resulting in port congestion.In the face of the complex developments in the Red Sea and economic risks, the United States, the European Union (EU), the North Atlantic Treaty Organization (NATO) and several countries, including Yemen, have issued a joint statement condemning Houthi interference in maritime rights and freedoms.If the “Red Sea crisis” persists for only a short period, consumers may not notice much, except for possibly higher energy prices. However, if the situation prolongs, it not only affects maritime transportation but also poses a risk of uncontrollable inflation impacting the world.

As one of the first steel conglomerates in the United States, US Steel has played a crucial role in the development of the country's steel industry. However, currently, US Steel has been acquired by Japan's Nippon Steel for $14 billion USD.US Steel was founded in 1901 by some of America's most prominent tycoons, including Andrew Carnegie, J.P. Morgan, and Charles Schwab. The company played a vital role in the recovery of the American industry after the Great Depression and World War II. In 2022, US Steel ranked as the 24th largest steel producer globally and the second-largest in the United States, following Nucor Corporation.In recent times, the stocks of US Steel, based in Pittsburgh, have been performing poorly after several quarters of declining revenue and profits, making the company an attractive acquisition target for competitors. On December 18, 2023, Nippon Steel announced an agreement with US Steel to acquire the company for $14.1 billion USD. This deal positions Nippon Steel to expand global crude steel capacity toward the goal of 100 million tons. This strategic move comes after Nippon Steel outbid competing rivals, including Cleveland-Cliffs Inc., in an auction.According to the World Steel Association, in 2022, Nippon Steel's production of high-quality crude steel reached 44.37 million tons, ranking fourth globally. Therefore, the acquisition of US Steel will elevate Nippon Steel to the third position in global steel production. This represents a significant step for Nippon Steel in its efforts to strengthen its position in the steel industry and enhance production capabilities on a global scale.Accordingly, after announcing the acquisition of the US Steel Group, Nippon Steel's stocks experienced a nearly 5% decrease. The stock decline occurred as shares of the steel manufacturer based in Tokyo opened with an excess of sellers, leading to a trading price of around 3,085 yen, marking a 4.7% decrease compared to the previous day's closing value.The acquisition takes place at a time when the steel industry is facing several challenges, including fluctuating demand and the need for technological advancements to reduce carbon emissions. Nippon Steel's move to acquire US Steel is expected to create a synergistic strength that could lead to more efficient production and help ensure a more stable supply of raw materials for Nippon Steel.US Steel has announced that the transaction with Nippon is expected to conclude in either the second or third quarter of 2024, depending on regulatory approval. However, the Committee on Foreign Investment in the United States, an agency that carefully examines transactions to identify potential national security risks, is expected to reassess this deal. If the agreement is not approved in this case, Nippon will owe US Steel USD 565 million.Here is the latest information on Nippon Steel's acquisition of the US Steel plant in the United States. However, there is still no official result in this matter. Stay tuned to MRS Steel, as we will provide the most up-to-date and accurate information on this transaction for our readers.

After a thorough investigation, the US Department of Commerce has concluded that steel pipe products imported from Vietnam did not evade the anti-dumping and countervailing duties that the US applies to similar goods from Taiwan.It's known that on August 4, 2022, the US Department of Commerce issued a notice to initiate an investigation into the circumvention of trade defense duties on certain steel pipe products. Primarily, products falling under HS codes 7306.61 and 7306.30 were imported from Vietnam, with allegations that Vietnam imported the main raw material for producing the steel pipe hot-rolled coil from China, Taiwan, South Korea, and India, then performed simple processing to manufacture the steel pipes, which were subsequently exported to the US. This process was purportedly aimed at evading the corresponding anti-dumping and countervailing duties that the US applies to these countries and territories.This investigation was conducted following suspicions that goods from Vietnam were being sold at lower prices to evade anti-dumping and subsidy tariffs. The investigation focused on determining whether these steel pipe products were manufactured at lower costs due to non-transparent subsidies.After conducting an investigation and gathering information from relevant parties, the United States recently reached a significant conclusion regarding the anti-avoidance duty investigation related to the import of steel pipes from Vietnam. According to the announcement from the US Department of Commerce, following a thorough investigation, it was concluded that steel products imported from Vietnam did not evade the anti-dumping and countervailing duties that the US applies to similar items from Taiwan. This determination was based on Vietnam not using hot-rolled coil steel from Taiwan to manufacture the steel pipes.For other steel pipe products also under investigation for anti-avoidance measures (initiated on July 29, 2022), on July 20, 2023, the US Department of Commerce announced an extension of the deadline for issuing the final determination until November 2, 2023. Recently, on November 9, the US Department of Commerce published the final determination on the case. In this final determination, the US Department of Commerce maintained the same conclusion as the preliminary finding issued in April 2023.However, the Ministry of Industry and Trade noted that the US Department of Commerce continues to allow Vietnamese exporters (except for companies determined by the US Department of Commerce to not fully cooperate during the investigation) to participate in the mechanism of self-certification, confirming that they do not use hot-rolled coil steel originating from China, Taiwan, South Korea or India to be exempt from measures.In fact, the US investigation into anti-avoidance duties isn't just a message about fair trade management, it's also evidence of the tension within international trade relations, particularly amidst escalating trade tensions between nations. This also presents new challenges and opportunities for steel pipe manufacturing enterprises in Vietnam to adjust their business strategies, enhance fair competition advocacy, and comply with international trade regulations.Given these developments, understanding and adhering to international regulations, as well as fostering a fair competitive environment, have become crucial factors for businesses to thrive and adapt in an increasingly volatile international market.

According to statistics from the General Department of Customs, Vietnam's iron and steel exports of all kinds in October 2023 reached 908,142 tons, an increase of 5% compared to September and a sharp increase of 71.5% compared to the same period in 2022. Vietnam is aggressively penetrating major markets like the United States, India, Italy, Singapore,… offering extremely competitive prices.1. Vietnamese steel export situation 10M/2023According to the General Department of Customs, accumulated in the first 10 months of 2023, Vietnam's iron and steel export output of all kinds reached over 9.1 million tons, equivalent to 6.95 billion USD, up 30.7% in volume and up 0.1% in value compared to the same period last year. The average export price of 10M/2023 reached 760 USD/ton, down 23.4% over the same period last year.By the end of October 2023, the 10 largest Vietnamese steel import markets were Italy accounting for 14.8%, Cambodia (9.9%), the United States ( 9.1%), India (8%), Malaysia (7.2%), Indonesia (6%), Belgium (5.4%), Spain (3.9%), Taiwan (3.4%) and Thailand (3.1%).2. Bright spots in Vietnam's steel exports2.1. Southeast Asia regionSoutheast Asia is still the main export market of Vietnam's steel industry, accounting for 31.5% of the proportion. However, in the first 10 months of 2023, exports to this market decreased slightly by 2.6% compared to the same period in 2022, mainly due to down 13% in exports to the largest market, Cambodia. In contrast, exports to markets like Malaysia, Indonesia, Thailand and Singapore still increased compared to the same period last year.2.2 EU marketThe highlight in the steel export situation in the first 10 months of 2023 is the EU market has positive growth rates compared to the same period in 2022. Specifically, Italy imported the most steel from Vietnam with over 1.35 million tons, an increase of 128%, followed by Belgium with 0.49 million tons, an increase of 30% and Spain imported 0.35 million tons, an increase of 70.2%.According to the European Steel Association (EUROFER), Vietnam accounted for 8.1% of the total amount of finished steel products imported into Europe by the end of August 2023. Another positive signal for Vietnam's steel industry is that Europe's imports of finished steel products from Turkey, China and India decreased sharply (-59%, -11% and -3% respectively) while imports from Vietnam increased by 15%.2.3. Indian marketNotably, steel exports of all kinds to India in October reached 198,418 tons, worth 139.6 million USD, an increase of 2,346% in volume and an increase of 1,103% in turnover compared to October 2022. This is also the month recording the highest export output since the beginning of 2023.In the first 10 months of 2023, India has become Vietnam's 4th largest steel export market with a total output of over 0.73 million tons, a value of over 539.7 million USD, an increase of nearly 16 times in volume and an increase of 7.8 times in value compared to the same period in 2022. The main export items were hot-rolled steel coils and galvanized steel sheets, of which HRC is a new product that India has not imported from Vietnam in the 2021/2022 financial year.2.4. Cambodian marketCambodia, Vietnam's largest steel export market in 2022, dropped to second place in 2023 due to a decrease in both output and export turnover. As of October 2023, Vietnam's iron and steel export turnover to Cambodia reached 612.7 million USD, down 26% over the same period last year; Exported iron and steel output reached over 0.9 million tons, down 13% over the same period. The main export product to Cambodia is mainly construction steel. According to exporters, the amount of construction steel exported to Cambodia decreased partly due to the impact of the COVID-19 pandemic on the real estate market.Vietnam's steel exports have many signs of recovery and positive development in the fourth quarter and early 2024. Many importers from major markets such as the US, EU, UK and India pay a lot of attention to cheap, quality steel from Vietnam. However, in the context of many fluctuations in the world's economic and political situation, the Vietnamese and global steel industry can still experience many sudden changes. You can follow MRS Steel to update the latest steel market information!