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Stemming from the US's imposition of anti-dumping duties on Korean stainless steel round wire products, recently, the US Department of Commerce (DOC) has issued a final conclusion. Accordingly, Vietnam's stainless steel wire does not evade anti-dumping duty in the US.1. The US: Vietnamese stainless steel wire products not circumventing US anti-dumping dutyAccording to the report of the United States International Trade Commission (USITC), the output of stainless steel wire (HS 7223) of Vietnam exported to the US market in 2021 will reach about 4.9 million USD. In May 2021, North American Stainless (NAS) company requested the US Department of Commerce (DOC) to investigate the evasion of anti-dumping duty on stainless steel round wire products imported from Vietnam because of its suspicion of products HS 7223 is manufactured from imported materials from Korea. Accordingly, the United States imposed a definitive anti-dumping duty on stainless steel wire from Korea at the rate of 4.73%, applicable from February 24, 2022.In February 2022, at the request of the US manufacturer, the DOC officially initiated an investigation from January 1, 2020 to December 31, 2021.In December 2022, the DOC made a preliminary conclusion of the case, according to which Vietnam's stainless steel wire products manufactured from materials imported from Korea didn’t violate the anti-dumping duty that the United States is applying with similar products from Korea.Recently, the Trade Remedies Administration said that on May 22, 2023, the US Department of Commerce maintained the statement in its previous preliminary conclusion in December 2022.Thanks to the efforts and support of the Ministry of Industry and Trade, relevant ministries and branches of Vietnam have achieved positive results in the case of HS 7223 steel product investigation. Thus,  stainless steel round wire products of Vietnam do not evade anti-dumping duty in the United States.2. Situation of anti-dumping investigation in the US marketThe United States is one of the countries that frequently uses trade remedies, especially for imported steel. According to WTO statistics, by the end of June 2022, the US has investigated a total of 1,177 cases and applied 832 trade remedies. By the end of December 2022, the United States had handled 53 trade remedies against goods imported from Vietnam. In 2022, the US initiated an investigation into 12 more cases, of which mainly steel products, solar batteries, wooden cabinets, staples, wire steel,...3. Vietnam increases steel exports to the US marketOn April 15, 2023, the United States extended sanctions against Russia by one year. This has contributed to a shortage of supply and an increase in steel price in the world. However, this event created favorable conditions for Vietnam's steel industry to boost exports to the European and American markets.Vietnam's total steel production volume in 2022 will reach 29.34 million tons, total consumption volume of all kinds will reach 27.3 million tons. According to statistics of the General Department of Customs, the total bilateral trade between the United States and Vietnam in 2022 is approximately 123.9 billion USD, up 11% compared to 2021. In which, Vietnam exports to the United States reached 109.4 billion USD, up 13.6% compared to 2021, accounting for 29.5% of Vietnam's total exports.By the end of October 2022, Vietnam is the 7th largest trading partner of the United States with a total import-export turnover of 129.6 billion USD, an increase of 26.7% compared to 2021. Particularly, Vietnam's exports to the US reached 119 billion USD, up 28.9%.Iron and steel are the top 2 export products with a strong growth rate with a total value of 1.06 billion USD, up 49.6% compared to 2021.4. MRS Steel – Prestigious import sourcing unitFacing the pros and cons in importing steel from Vietnam, customers should contact domestic sourcing units for the best support in terms of product quality and cost.MRS Steel is one of the pioneers in the field of exporting steel to demanding markets such as the United States, Europe, ASEAN,... With more than 12 years of experience, MRS Steel brings you remarkable experiences like:Providing in-depth market research to help importers understand the situation of Vietnam's steel marketA wide network of relationships with the largest steel manufacturers in Vietnam such as Hoa Phat, Ton Hoa Sen, Nam Kim, Ton Dong A,..., helps customers connect with the companies that best match their order requirements.Supporting inspection and assessment of product quality, commit that goods meet agreed requirements and standards.Providing logistics and transportation solutions that help importers easily control the delivery and receipt process to the desired destination.Vietnam's stainless steel wire does not violate the US trade remedies, which opens up many opportunities for the two countries to continue promoting bilateral trade. For any questions about importing Vietnamese steel and requesting a detailed quote, please contact MRS Steel via Email vanloc@mrssteel.com.vn for the fastest response.

The European Union (EU) and the United States are collaborating to establish a common customs area to impose tariffs on steel products imported from China into the EU and the United States. Consequently, steel products imported from China will be subjected to a 25% tariff.Reasons Behind Imposing Tariffs on Chinese Steel ProductsThe United States and the EU have imposed safeguard tariffs on certain steel products imported from China, with the aim of directly addressing unfair pricing and countering illegal subsidies. However, these policies may change over time and depend on fluctuations in the trade and political relationships between nations. This is a significant step in strengthening the trade relationship between the two largest economic regions in the world. The initiative was proposed by the European Commission in the context of countries working to protect domestic production and improve international trade rules.This decision is aimed at creating a common customs area between the EU and the United States, where both parties will cooperate to establish uniform tariffs on steel imported from external economies. Presently, within countries in the EU and the United States, steel products imported from China and other nations have exerted pressure on the domestic steel market and manufacturing industries. These challenges have led the EU and the United States to seek solutions together to ensure that international trade takes place fairly and to protect domestic production. Therefore, in order to help safeguard steel production in the EU and the United States from the challenges posed by unfair competition and the increased import of cheap steel products, the US and EU have imposed a 25% tariff on certain steel products imported from China.The challenges that will have to be facedWhile there are many benefits, creating a common customs area also presents various challenges.First, there must be agreement between the EU and the United States on how to determine and apply uniform tariffs on steel products imported from China. Both sides may have their own trade regulations and rules, so coordinating and ensuring consistency is a significant challenge.Secondly, there may be reactions and objections from third-party economies, such as China, affected by the imposition of uniform tariffs. This could lead to larger trade negotiations and disputes.From China's perspective, being subjected to tariffs on steel products imported from China by the EU and the US will lead to a reduction in export volumes and decreased sales for Chinese steel manufacturers. The decline in sales and profits may impact the supply chain and labor force within China's steel industry, potentially leading to unemployment and hardships for the workforce. Additionally, the imposition of additional tariffs can raise the production costs of steel in China, thereby putting pressure on the profitability of steel producers.In general, the cooperation between the EU and the United States in establishing a common customs area for steel products imported from China has the potential to benefit both economies, safeguard domestic manufacturing industries, and ensure more equitable international trade. This not only promotes collaborative efforts in various other aspects of EU-US trade relations but also contributes to the overall development of the global steel industry. 

2022 is a tough year for the world steel industry in general and Vietnam in particular because of the effects of the Russia-Ukraine war, high inflation and interest rates as well as China expanding lockdowns as Covid-19 epidemic. According to the forecast of the World Steel Association, steel demand and price in the world in the first half of 2023 will have significant changes. In this article, MRS Steel will dive deeper into the situation of Vietnam's steel industry and key steel producing regions in the world today.1. Vietnam steel prices tend to decreaseAccording to a recent report of the Vietnam Steel Association (VSA), the price of construction steel has just decreased by 270,000 VND/ton, the lowest in the past two months. On June 15, Hoa Phat adjusted the price of CB240 coil to 14.29 million VND/ton, the price of D10 CB300 rebar to 14.69 million VND/ton, down 200,000 VND/ton.Other brands such as Vietnam Italy, Viet Duc, Viet Nhat, Pomina also lowered the price of the two above steels similarly. Thus, from the beginning of April until now, steel price has dropped 11 times in a row with a cumulative decrease of nearly 3 million VND/ton. The continuous reduction of steel prices by factories aims to improve production and consumption in the domestic market. Data from VSA shows that in May 2023, the whole country produced more than 2.2 million tons of finished steel, up 2.3% over the previous month. Domestic consumption volume also recorded more than 2.3 million tons, up 13.6% compared to April and tended to continue to increase.Regarding the export situation in the first quarter of 2023, Vietnam sold about 2,299 million tons to foreign countries with a total value of 1.72 billion USD. Currently, Vietnam exports iron and steel to 30 markets, mainly ASEAN (36.38%), the EU (24.15%), the US (7.55%), India (5.72%) and Turkey (3.21%). 2. Asia to drive steel demand recovery 2023-2024According to the World Steel Association, the main indicators of the real estate construction industry may increase by the end of 2023 but still not significantly. Meanwhile, infrastructure investment is tending to shift to projects that focus on less steel. China's steel demand is expected to recover 2%, reach 939.3 million tons in 2023 and stay flat in 2024.Structural steel demand in ASEAN markets recorded a strong increase. Recovering from the Covid-19 pandemic, Indonesia, the Philippines, and Vietnam began to restart delayed tourism and infrastructure projects. It is expected that the growth in steel demand of ASEAN will reach 77.1 million tons, up 6.2%, while in 2024 may increase by 5.7%.Overall, worldsteel expects steel demand in 2023 to increase by 40.8 million tons, reaching $1,8223 billion. In which, China contributed 18.4 million tons, ASEAN 4.5 million tons, Japan 2.2 million tons and South Korea 1.5 million tons.3. Steel prospect in developed and developing economiesSteel demand in developed economies such as Europe, the United States, Russia, Turkey,... has suffered a sizable contraction due to the effects of the Russia-Ukraine conflict, high energy costs and monetary tightening. After a decrease of 6.2% in 2022, the steel situation is expected to be more positive with an increase of 1.3% in 2023 and 3.2% in 2024.3.1. European Union and United KingdomDespite being significantly affected by the energy crisis caused by the Ukraine war, the EU's economy grew steadily by 3.5% in 2022. However, industrial activities still suffered significant losses due to high energy costs leading to a significant reduction in steel demand in 2022. In 2023, the EU steel industry is still facing many difficulties due to supply chain disruptions and currency tightening, expected to fall by 0.4%. A 5.6% rebound is expected in 2024. 3.2. USAThe US economy has taken a strong turn after the pandemic with the recovery and growth of the manufacturing and energy industries. Benefiting from the expansion of manufacturing operations, US steel demand in 2023 is expected to grow by 1.3% and then by 2.5% in 2024.3.3. IndiaAccording to the World Steel Association, India is still a bright spot in the global steel industry in 2023 thanks to managed inflation well. The automotive and consumer durables sectors are expected to grow steadily, leading to a healthy growth in steel demand at 7.3% in 2023 and 6.2% in 2024.With the forecast of steel demand growth in developed and developing economies in the period of 2023-2024, it will help importers to have the most effective purchase plan. Don't forget to follow MRS Steel to keep up to date with the latest news about Vietnam and the world's steel industry. Any need to import steel from Vietnam, please contact Whatsapp: +84 76 911 2358 for the best support from MRS Steel.