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The Mexican government has announced anti-dumping duties on cold-rolled coils imported from Vietnam, with the anti-dumping duties ranging from 11.6% to 79%. These duties have been adjusted to lower levels compared to the initial rates proposed by the Mexican Ministry of Economy in September.Alongside robust growth in export activities, Vietnam's steel products are currently among the most frequently subjected to anti-dumping and countervailing investigations initiated by countries worldwide. Many steel products have faced lawsuits and have been subject to anti-dumping and countervailing duties in major markets such as the United States, the European Union, India, Australia, and more. Most recently, the Mexican government has decided to impose anti-dumping duties on cold-rolled coil products imported from Vietnam.It is known that Vietnam and Mexico are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), so Vietnam's cold-rolled coil products enjoy a preferential tariff rate of 0% when exported to Mexico. For the groups of cold-rolled coil products currently under anti-dumping investigation, the total export turnover in 2020 was approximately 50 million USD. Among them, the HS code 7209 for cold-rolled iron and steel products accounted for nearly 80% of the production. This marked the second instance of Mexico initiating a trade remedy investigation against Vietnam, following an earlier anti-dumping investigation on coated steel products in 2021.On July 28, 2022, the Mexican Ministry of Economy initiated an anti-dumping investigation into cold-rolled coils imported from Vietnam based on complaints from the domestic industry. This action was taken in response to the observed unfair international trade practices affecting the country's enterprises. Under the guise of price discrimination, the cold-rolled coil products from Vietnam were deemed to have caused economic harm, leading to a decline in revenue for domestic steel manufacturers.After a period of investigation, the Mexican government has recently implemented anti-dumping duties on cold-rolled coil products imported from Vietnam. Starting from December 29, imported cold-rolled coil products from Vietnam had been subjected to anti-dumping duties imposed by the Mexican government. Specifically, the rates are 11.64% for products imported from Hoa Phat, 25.64% for those from Posco Vietnam and 79.24% for other manufacturers. In comparison, preliminary duties announced in September were 12.77% for Hoa Phat, 25.64% for Posco Vietnam and 81.06% for other manufacturers.The anti-dumping duties are applicable to items with the following HS codes: 7209.16.01, 7209.17.01, 7209.18.01, 7209.26.01, 7209.27.01, 7209.28.01, 7209.90.99, 7211.23.03, 7211.29.99, 7211.90.99, 7225.50.91, and 7226.92.06. Currently, steel products imported into Mexico also require a special import license issued by the Mexican government. In the context where the capabilities to respond to anti-dumping investigations by exporting businesses still have many shortcomings, fostering sustainable growth and exports and avoiding protectionist trade measures requires enterprises to adapt appropriately to the new circumstances. Faced with these challenges, Vietnamese businesses need to diversify risks, explore new export markets and enhance the value-added content of the domestic production chain. By doing so, the manufacturing sector can develop sustainably, minimizing the risk of investigations and applying anti-avoidance measures imposed by importing countries. Additionally, businesses should improve their traceability systems and accounting records to support anti-dumping investigations and facilitate the registration of self-certification mechanisms for the origin of raw materials in products subject to anti-avoidance investigations.

In the past November, the production of hot-rolled coil steel reached 555,162 tons, experiencing a slight decrease of 5% compared to October but witnessing a significant increase of 30% compared to the same period in 2022. Additionally, Vietnam's HRC export volume amounted to 350,875 tons, showing a slight uptick of nearly 2% compared to October, yet experiencing a remarkable twofold surge compared to November 2022.Overview of Vietnam's HRC export situation in the 11 months of 2023In general, during the first 11 months of 2023, the production of hot-rolled coil steel reached 6 million tons, showing a 6% increase compared to the same period in 2022. The nationwide HRC sales volume for the same period reached 6.2 million tons, marking a 7% growth compared to the first 11 months of 2022. However, the notable highlight lies in the HRC export sector, with a volume reaching 3.2 million tons, tripling the figure from the same period last year.Formosa Ha Tinh and Hoa Phat continue to be the leading entities in the national HRC sector, with export volumes reaching 2,118,675 tons and 1,045,000 tons, respectively, during the 11 months of 2023. In general, the combined export volume of these two companies accounts for over 95% of the total HRC export volume this year. Specifically, Hoa Phat's HRC sales in November reached nearly 270,000 tons, with the export-oriented HRC reaching 118,922 tons.Statistic of Vietnam’s HRC export volumes from January to November in 2023Overall, there are signs of growth in HRC sales in the last months of the year, especially with the export-oriented HRC playing a crucial role in this increase, given the significant reduction in raw material prices and the gradual capacity increase in factories. Most experts believe that the steel industry has overcome its most challenging period, and signs of recovery are gradually emerging. The real estate market in China is stabilizing and becoming a bright spot for steel consumption in the construction sector.India and Italy are the two main import markets for Vietnam's HRCCustoms data also indicates that Italy and India are the two largest import markets for Vietnam's HRC in 2023. Italy, in particular, imported over 1 million tons of HRC from Vietnam in the first 11 months of 2023, making it the largest HRC importing country, capturing nearly a third of the export market share. Besides Italy, India became the second-largest importer of Vietnam's HRC, with a total imported volume of 674,472 tons during the 11 months.India has been evaluated as a potential steel import market recently. Specifically, from September onwards, India has consistently surpassed Italy in leading the import volume of Vietnam's HRC. In November alone, India imported 140,633 tons, while Italy imported just over 79,000 tons. The World Steel Association (WSA) predicts that in 2024, steel demand in the EU and India is expected to recover by 5.6% and 7.5%, respectively, which is seen as positive for Vietnam's steel export, especially for HRC.Top largest countries have Vietnam’s HRC importing volumes in 11 months of 2023Furthermore, the list of over 40 countries importing HRC includes two Southeast Asian countries, Malaysia and Indonesia, ranking third and fourth in import volume, with 436 thousand tons and 361 thousand tons, respectively, in the first 11 months of 2023. It's noteworthy that among the top 10 countries with the highest import volumes of Vietnam's HRC, only two are from Southeast Asia, compared to previous years when Vietnam's steel sources were mostly consumed in this region.The emergence of potential new import markets such as India, Mexico, or Spain somewhat reflects the strong determination of the Vietnamese steel industry to expand its scale to new major markets, especially under the impetus of bilateral trade agreements. The attractive prices offered by Vietnamese HRC manufacturers, along with the benefits of reduced export taxes from agreements such as EVFTA or CPTPP, have created significant opportunities for businesses in Europe and the Americas to increase imports of Vietnamese steel products.The entire information in the article is updated and based on the latest customs data. If you need more detailed information about the weekly steel price list directly from the factories, please contact us via WhatsApp: +84 76 911 2358 or email vanloc@mrssteel.com.vn for the quickest response.

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.

According to the latest data from the General Department of Customs of Vietnam, Vietnam's scrap steel imports volume in the past November unexpectedly reached 392,189 tons, a 25.8% increase compared to the previous month (over 312,000 tons of scrap in October). Cumulatively, in the 11 months of 2023, the total imported scrap amounted to 3.87 million tons, experiencing a slight decrease of 2.2% compared to the same period last year (3.96 million tons).Japan remains be the largest supplier of scrap steel to Vietnam in 2023Japan has consistently maintained its position as the primary provider of Vietnam scrap steel imports since 2018. In November alone, Japan supplied Vietnam with 212,438 tons of scrap steel, a remarkable increase of 241.4% compared to the same period last year. For the cumulative 11 months of 2023, the imported scrap volume from Japan reached over 1.436 million tons, constituting more than 40% of Vietnam's total scrap steel imports. In comparison to the same period last year, the import volume for the first 11 months of this year increased by 16%. Notably, Vietnam has focused on sustaining and enhancing its supply of scrap steel from Japan, despite the upward trend in scrap steel prices from Japan, which, as of December 2023, has reached $348 per ton in export prices.The imported scrap steel volume of Vietnam from January to November 2023Besides Japan, the United States stands as the second-largest market with a consistently high volume of scrap steel imports each month. Specifically, in November, Vietnam imported 48,515 tons of scrap steel from the United States, marking a 30.9% increase compared to the same period last year. Overall, for the first 11 months of 2023, the import volume of scrap steel from the United States reached 874,693 thousand tons, showing a slight 3% increase compared to the same period in 2022.Additionally, in the list of primary suppliers of scrap steel to Vietnam in November, Hong Kong and Australia were also notable contributors, with volumes reaching 38,874 tons (a 49% increase compared to the same period) and 9,265 tons (a remarkable 241.4% increase compared to the same period last year), respectively. In the first 11 months of 2023, Hong Kong's total export volume of scrap steel to Vietnam reached 377,303 tons, experiencing a slight 1.2% decrease compared to the same period last year. Similarly, Australia's supplied volume of scrap steel to the Vietnamese market for the first 11 months reached 236,266 tons, reflecting a 16% decrease compared to the same period.The demand for Vietnam’s scrap steel imports is expected rise in DecemberThe unexpected surge in scrap steel imports has been surprising, given that Vietnamese steel producers have largely maintained stable scrap imports over the past 10 months due to a prolonged slowdown in the domestic real estate sector. While some factories have reduced capacity and prioritized domestic scrap sourcing, larger-scale facilities continue to require substantial raw material imports. These factories anticipate a resurgence in steel demand after the lunar holiday, contributing to the anticipated growth in scrap steel imports in December. Another factor contributing to the increase of Vietnam's scrap steel imports comes from the country's recent open foreign policy. Many steel items, especially imported scrap steel, have seen a significant surge, partly to meet the needs of Vietnamese manufacturers and also due to the advantages of enjoying a 0% tax rate coupled with the removal of trade protection measures.The substantial increase in import demand has positioned Vietnam as a significant player in the global scrap steel import market this year. This strategic move not only helps meet domestic demand, especially for large-scale steel plants requiring extensive raw materials to maintain production and capacity stability, but also serves as a strategy to strengthen Vietnam's position in the international steel market. Through this approach, Vietnam can demonstrate its strength and competitiveness in the field of raw materials and steel production.

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.

Nam Kim's business activities are expected to benefit directly when steel demand in a series of key export markets is forecast to grow strongly in 2024.1. Nam Kim steel exports will grow strongly by the end of 2023According to the latest report of the World Steel Association, global steel demand in 2023 is estimated to increase by 1.8% compared to 2022, a positive improvement compared to the decrease of 3.3% in 2022. In 2024, global steel demand is expected to continue to increase by 1.9%, reaching 1.84 billion tons with main export markets from the European Union (up 5.8% compared to 2023), India (up 7.7%) and the ASEAN region (up 5.2% compared to 2023).This creates favorable conditions for several Vietnamese steel enterprises, especially Nam Kim Steel Joint Stock Company. NKG is one of the largest steel export brands in Vietnam with strength in galvanized steel products. More than 60% of the group's consumption comes from key markets such as the EU, ASEAN and Australia.Besides, Nam Kim Steel is enjoying the lowest anti-dumping duty rate in many Vietnamese steel import markets such as Canada, Mexico, Australia and Malaysia.Latest data shows that Nam Kim Steel's main export markets are all in the group with a positive recovery in steel output in the first 10 months of 2023 like the EU region (up 86.2% over the same period in 2022) and Australia (up 9.1%).Regarding future development orientation, Nam Kim Steel is focusing on exploiting the EU, Australia, ASEAN markets, then the US due to barriers of tax rates of up to 25% as well as high Vietnam-US freight rates.Currently, Nam Kim Steel is in the top 3 enterprises with the largest market share in Vietnam (accounting for 17.3%). Notably, for steel pipe products, Nam Kim Steel is experiencing continuous market share growth in recent years. In 2022, NKG's steel pipe consumption growth rate was 3 times higher than the growth rate of the entire industry, accounting for 7.4% of the entire market share.2. Vietnamese steel benefits from the gradual recovery of steel pricesThe business activities of Nam Kim in particular and steel businesses in general will continue to benefit from the recovery in domestic steel prices. After 19 consecutive price reductions in the first 9 months of 2023, steel prices of all types in Vietnam have begun to recover with 3 consecutive price increases since the end of November 2023. The Vietnam Steel Association (VSA) predicts that domestic steel prices may increase slightly in the near future with a range of 100,000 - 150,000 VND/ton.The reason for the increase in domestic steel prices comes from the increase in input costs (iron ore, electricity, steel scrap,...) along with a clear increase in world steel prices. Hot rolled steel prices in the US and EU from the beginning of October 2023 have increased by 1,146 USD/ton and 727 USD/ton, respectively. World construction steel prices also increased dramatically in early November 2023 when they surpassed 3,800 CNY/ton.Global steel prices increased mainly due to limited steel supply and prolonged delivery times due to the impact of military and political conflicts. At the same time, a series of steel furnaces in the EU temporarily stopped operating for maintenance while steel demand is still increasing. In addition, the Chinese government also promotes recovery of the real estate market, boosting demand for steel in the near future.