New fees from Vietnam on China aggravate the suffering of steel markets

Vietnam plans to impose fees to combat steel on the steel from China, similar to South Korea and other countries, as they all pay attention to increasing the supplies of the largest product in the world. The country in Southeast Asia will impose temporary fees on some types of hot -language pools from early March, according to a statement issued by the Ministry of Industry and Trade on Friday. After China itself, Vietnam is the largest single buyer of Chinese steel, and hot steel pools are one of the most important export products. During the year 2024, China exported the largest amount of steel abroad, as its producing businesses used to the global markets to compensate for the sharp slowdown in the Chinese construction sector. It paved the way for President Donald Trump to propose a 25% comprehensive customs definition across all imports to the United States, requesting countries from South Korea to Brazil and India to study the imposition of fees. The wave of protection policies will increase the pressure on Beijing to the capacity of the steel industry, which amounts to one billion tonnes, after a few years of the slowdown of domestic demand. The future steel contracts in China fell 1.8%, while steel companies in Vietnam achieved profits. China and the steel industry recent customs definitions “can stimulate the Chinese government to start a new round of show reforms”, to improve the discipline of supplies and improve industry’s profitability, according to analysts, including Jacques Chang, at City Group in a research note. The temporary definitions of Vietnam, ranging between 19.38% and 27.83%, will come into effect on March 7 and will last 120 days. City Group, with discussions with industry parties, said that China exported about 8 million tonnes of hot steel rolls to Vietnam last year, and that the definitions are likely to be applied to about half of the imported amount. Vietnam is soft with India. The anti -stamping investigation was launched at the request of the “Hoa Pat” and “Formosa Ha Tinh Steel”, two of the most important steel producing companies in Vietnam, and requested an investigation into the import of India and China last year. The Vietnamese government said it would not currently impose fees on imports from India. Future contracts for the hot tight festivals at the Shanghai Stock Exchange for future contracts fell 1.3% by 11:34, while no change occurred at the prices of iron ore in Singapore, where it settled at $ 10.45 per tonne.