Türkiye imposes anti-dumping duties on four countries
Steel NewsDate: 15-10-2024 by: Nhu Quynh
Türkiye announced that it will impose anti-dumping duties on hot-rolled coil imports from four countries: China, India, Russia, and Japan.
To better understand the information about the incident, join MRS Steel and learn through the article below.
Türkiye imposed anti-dumping duties on HRC import from 4 countries
Details and developments of the incident
Recently, on October 11, Türkiye announced that it will impose anti-dumping duties on hot-rolled coil imported from China, India, Russia and Japan. Türkiye's action aims to protect its domestic steel industry, as hot-rolled coils are perceived to create unfair competition, causing damage to local enterprises.
Türkiye mainly imports steel from countries such as Russia, China and India. Currently, China is the world's largest producer of steel, accounting for more than half the world's output at over a billion tons a year. However, the country's steel industry is facing many challenges and fluctuations as domestic demand continues to decline. This forces China to boost its exports to deal with inventory. Importing too much hot-rolled coil from China risks causing damage to domestic manufacturing enterprises.
Changes in trade policy and pressure from anti-dumping measures have also affected the supply and prices of imported steel. Accordingly, the tax rate imposed on each country is different. China has the highest tax rate, ranging from about 15% to 43%, while the tax applied to imports from Russia, India, and Japan ranges from 6% to 9%. Products subject to customs tariffs fall under HS codes 7208, 7211, 7212, 7225, 7226. The new tariffs will affect about 4 million tons of imported steel products worth more than $2 billion. After the Government of Republic of Turkey made the decision, shares of leading Türkiye steel producers such as Erdemir and Isdemir all increased on the stock exchanges. Türkiye made the decision amid growing trade tensions between China and the European Union (EU).
China is the country with the highest tax rate
What opportunities for Vietnam's steel industry?
As Türkiye imposes anti-dumping duties on steel imported from China, India, Russia, and Japan, the Vietnamese steel industry can take advantage of the following opportunities.
- Increase exports: The imposition of anti-dumping taxes on certain countries presents a great opportunity for the Vietnamese steel industry, as importers seek alternative sources of supply for products from countries subject to these taxes.
- Cooperation and investment: Vietnam's steel industry can seek cooperation and investment opportunities from international businesses, especially from countries that have a demand for steel but are facing difficulties due to anti-dumping taxes.
- Expand the market: The shortage of steel from countries subject to anti-dumping duties may create an opportunity for the Vietnamese steel industry to increase its market share in Türkiye.
- Participation in Regional Trade Agreements: Vietnam has several free trade agreements with Türkiye and other countries, which help reduce tariffs and facilitate steel exports to Türkiye.
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