Domestic steel giants Hoa Sen Group and Nam Kim Group do not expect negative impacts from the Indonesian government’s high anti-dumping duties imposed on colour-coated steels. Indonesian government imposed taxes on Chinese and Vietnamese colour-coated steel. Source: vtc.vn Indonesia imposes anti-dumping duty on Vietnamese and Chinese colour-coated steel Indonesia has just announced applying anti-dumping duty of 12.01-28.49 per cent on colour-coated steel products imported from China and Vietnamfor five years. vietnamfinance.vn stated that accordingly, the two domestic steel manufacturers Hoa Sen Group and Nam Kim Group will be imposed tariffs of 12.01 and 19.16 per cent. Previously, Indonesia has been imposing similar taxes of 13.5-36.6 per cent on cold-rolled steel products imported from Vietnam, China, Korea, Japan, and Taiwan since 2013 and has continued to maintain the safeguard measures after the country’s anti-dumping investigation in September 2015. New tax may have slight impact on Vietnamese steel manufacturers According to Viet Dragon Security Company (VDSC), Hoa Sen Group and Nam Kim Group will not suffer much of an impact from the Indonesian government’s tax because exporting colour-coated steel has never been a major activity of the Vietnamese steel industry. Specifically, in 2017, the total output of domestic steel exports reached 1.6 million tonnes, including 47 per cent of galvanised steel, 38 per cent of cold sheet metal pads, and just 17.1 per cent of colour-coated steel, equalling 278,000 tonnes. VDSC also estimated that nearly three-quarters of colour-coated steel manufactured goes to serve the domestic market. In 2017, the total consumption of… [Read full story]
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