On February 21st, Vietnam announced anti-dumping duties of 19.38%, 26.94%, and 27.83% on Chinese steel products exported to Vietnam. On February 20th, the Trade Commission of South Korea's Ministry of Trade, Industry and Energy held a meeting to conduct an initial investigation into Chinese imports of 'hot-rolled carbon steel and other alloy steel thick plates,' preliminarily determining that dumping had caused substantial damage to the domestic industry.

According to documents released by Vietnam's Ministry of Industry and Trade for the temporary imposition of anti-dumping duties, Vietnam levies different rates of anti-dumping duties—19.38%, 26.94%, and 27.83%—on steel products exported from dozens of Chinese steel companies, including Baosteel, Angang, Shougang, Shagang, Hebei Iron & Steel Group, Benxi Iron & Steel, XinYu Iron & Steel, Baotou Iron & Steel, Chongqing Iron & Steel, Liugang, Jingye, Hebei Anfeng, Zongheng Iron & Steel, Yanshan Iron & Steel, and Rizhao Iron & Steel, among others, along with their associated trading companies. The anti-dumping duties will take effect 15 days later, on March 8th.

Industry insiders indicate that this anti-dumping duty has significant impact, involving hundreds of millions of dollars. In 2024, China exported 12.738 million tons of steel to Vietnam, making Vietnam the largest destination for Chinese steel exports.

In 2023, Vietnam produced 19.2 million tons of crude steel, climbing in the global rankings from 18th place in 2017 to 12th place in 2023. According to the Vietnam Steel Association (VSA), Vietnam is expected to produce 30 million tons of finished steel in 2024, a 7% increase year-on-year.

On February 20th, the Trade Commission of South Korea's Ministry of Trade, Industry and Energy proposed imposing temporary anti-dumping duties ranging from 27.91% to 38.02% on Chinese imports. Preliminary rulings determined different dumping rates for various companies: Baosteel at 27.91%, Jiangsu Shagang at 29.62%, Xiangtan Iron & Steel, Cenovus International, and Xiamen Guotai Holdings at 38.02%, and other Chinese suppliers at 31.69%.

Thick plates refer to steel plates thicker than 6 millimeters, used in shipbuilding and construction. The South Korean government's decision to implement temporary anti-dumping measures aims to protect its domestic steel, shipbuilding, and construction industries from adverse effects. This preliminary ruling is the largest in South Korean history in terms of value.

Under the China-South Korea Free Trade Agreement, Chinese exports of steel products to South Korea, including cold-rolled steel plates, stainless steel hot-rolled plates, and thick plates, enjoy zero tariff treatment.

However, as Chinese steel exports to South Korea have gradually increased in recent years, dissatisfaction has grown within the South Korean industrial sector. South Korean steel companies and industry associations have long called on the government to impose anti-dumping measures on imported steel. Data shows that last year, South Korea imported 8.77 million tons of steel from China, the highest figure in seven years. South Korea is the second-largest destination for Chinese steel products, after Vietnam.

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