Hot-Rolled Coil (HRC) Imports Surpass Domestic Production by 173% in Vietnam
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-Imports-Surpass-Domestic-Production-by-173%25-in-Vietnam.jpg "Hot-Rolled Coil (HRC) Imports Surpass Domestic Production by 173% in Vietnam")
In the first half of 2024, Vietnam's imports of hot-rolled coil (HRC) reached nearly 6 million tons, marking a 32% increase compared to the same period in 2023 and accounting for 173% of the country's domestic production.
June 2024 Import Data
According to customs data, Vietnam imported 886,000 tons of HRC in June 2024, which is 151% of the domestic production volume. Imports from China accounted for 77% of this total. The average import price of HRC from China was $560 per ton, significantly lower than prices from other countries by $45 to $108 per ton.
Six-Month Cumulative Data
In the first six months of 2024, the total import volume of hot-rolled steel reached nearly 6 million tons, a 32% increase from the same period in 2023. This import volume is 173% of the domestic production. Imports from China accounted for 74% of this total, with the remainder coming from Taiwan, South Korea, India, Japan, and other countries.
The total import value of HRC in the first six months was $3.46 billion, with imports from China accounting for $2.5 billion. The primary grades of imported steel were Q195 and Q235, which are priced $74-$97 per ton lower than ASTM, SPHC, and other grades.
Significance of HRC
Hot-rolled coil (HRC) is a foundational material used as an input for producing steel pipes, coated steel, structural steel, container shells, and many downstream products.
Regional and International Context
On June 30, 2024, Indonesia's Trade Minister Zulkifli Hasan stated that China's overproduction has led to increased exports to markets like Indonesia. In response, Indonesia plans to implement import tariffs of up to 200% on Chinese goods to mitigate the impact of ongoing trade competition between China and the United States. This policy will take effect once the relevant regulations are issued.
Both Thailand and Indonesia, which have socio-economic conditions comparable to Vietnam, have domestic steel production volumes lower than their domestic demand. Thailand and Indonesia have production levels that meet 43% and 37% of their domestic consumption needs, respectively. Since 2019, these countries have implemented anti-dumping duties in addition to maintaining Most Favored Nation (MFN) import tariffs. In contrast, Vietnam currently has a production capacity that meets 70% of its domestic HRC consumption (8.5 million tons out of 12 million tons) and does not have any MFN import tariffs or other tariff barriers to protect domestic production.
Vietnam is currently the leading steel producer in Southeast Asia and ranks among the top 12 steel-producing countries in the world. There is a need for timely measures to protect domestic production. The Ministry of Industry and Trade is currently reviewing dossiers from domestic enterprises requesting an investigation into anti-dumping duties on HRC imports from China and India. The evaluation period, as per regulations, is 45 days from the official receipt of complete dossiers (June 14, 2024).
-Imports-Surpass-Domestic-Production-by-173%25-in-Vietnam.jpg "Hot-Rolled Coil (HRC) Imports Surpass Domestic Production by 173% in Vietnam")
In the first half of 2024, Vietnam's imports of hot-rolled coil (HRC) reached nearly 6 million tons, marking a 32% increase compared to the same period in 2023 and accounting for 173% of the country's domestic production.
June 2024 Import Data
According to customs data, Vietnam imported 886,000 tons of HRC in June 2024, which is 151% of the domestic production volume. Imports from China accounted for 77% of this total. The average import price of HRC from China was $560 per ton, significantly lower than prices from other countries by $45 to $108 per ton.
Six-Month Cumulative Data
In the first six months of 2024, the total import volume of hot-rolled steel reached nearly 6 million tons, a 32% increase from the same period in 2023. This import volume is 173% of the domestic production. Imports from China accounted for 74% of this total, with the remainder coming from Taiwan, South Korea, India, Japan, and other countries.
The total import value of HRC in the first six months was $3.46 billion, with imports from China accounting for $2.5 billion. The primary grades of imported steel were Q195 and Q235, which are priced $74-$97 per ton lower than ASTM, SPHC, and other grades.
Significance of HRC
Hot-rolled coil (HRC) is a foundational material used as an input for producing steel pipes, coated steel, structural steel, container shells, and many downstream products.
Regional and International Context
On June 30, 2024, Indonesia's Trade Minister Zulkifli Hasan stated that China's overproduction has led to increased exports to markets like Indonesia. In response, Indonesia plans to implement import tariffs of up to 200% on Chinese goods to mitigate the impact of ongoing trade competition between China and the United States. This policy will take effect once the relevant regulations are issued.
Both Thailand and Indonesia, which have socio-economic conditions comparable to Vietnam, have domestic steel production volumes lower than their domestic demand. Thailand and Indonesia have production levels that meet 43% and 37% of their domestic consumption needs, respectively. Since 2019, these countries have implemented anti-dumping duties in addition to maintaining Most Favored Nation (MFN) import tariffs. In contrast, Vietnam currently has a production capacity that meets 70% of its domestic HRC consumption (8.5 million tons out of 12 million tons) and does not have any MFN import tariffs or other tariff barriers to protect domestic production.
Vietnam is currently the leading steel producer in Southeast Asia and ranks among the top 12 steel-producing countries in the world. There is a need for timely measures to protect domestic production. The Ministry of Industry and Trade is currently reviewing dossiers from domestic enterprises requesting an investigation into anti-dumping duties on HRC imports from China and India. The evaluation period, as per regulations, is 45 days from the official receipt of complete dossiers (June 14, 2024).
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