U.S. Finds No Anti-dumping Duty Violation by Vietnam's Stainless Steel Wire
Steel NewsDate: 20-10-2023 by: Ngoc Cam
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 duty
According 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 market
The 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 market
On 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 unit
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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 firstname.lastname@example.org for the fastest response.