In April, Vietnam imported 890,000 tons of hot rolled steel–or HRC–from China which was about one-and-a-half times the volume of HRC produced domestically. This brought the total HRC imported from China to the end of April to 2.9 million tons, double what was imported over the same period last year.

Needless to say, local producers have cried foul and argue that Chinese steel is being dumped on the Vietnam market. They have reportedly requested that the Ministry of Industry and Trade initiate an anti-dumping investigation.

That said, local steel buyers have argued that the local supply is not sufficient to meet demands and applying antidumping duties will only push up costs.

Hoa Phat Steel, which is leading the anti dumping tariff movement is listed on the Ho Chi Minh City stock exchange and is frequently among the most traded stocks among foreign investors in Vietnam. As of the start of May about a quarter of Hoa Phat Steel’s shares were owned by foreign firms.

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