28

South Korea and Vietnam have successively imposed sanctions on Chinese steel products, and the impact and response analysis

On February 21, Vietnam announced that it would impose three anti-dumping duty rates of 19.38%, 26.94% and 27.83% on Chinese steel products exported to Vietnam, involving dozens of steel companies and related trading companies such as Baosteel and Ansteel, and the levy will take effect on March 8. The day before, the Trade Commission of the Ministry of Trade, Industry and Energy of South Korea launched a preliminary investigation on China's imports of "carbon steel and other alloy steel hot-rolled steel plates and thick plates", and preliminarily determined that there was dumping, and proposed to impose a temporary anti-dumping duty of 27.91% to 38.02% on China. Vietnam and South Korea are the first and second largest export destinations for my country's steel products, respectively. In 2024, their exports to them accounted for 11.5% and 7.4% of my country's total steel exports, respectively. In the short term, the imposition of anti-dumping duties will suppress my country's exports of hot-rolled related steel products and aggravate the contradiction between supply and demand in the domestic steel industry. However, in the long run, the intensification of trade sanctions will accelerate the restructuring of the global steel trade structure and force the domestic industry to upgrade. Domestic policies promote "controlling total volume and optimizing stock", accelerate the elimination of backward production capacity, promote electric arc furnace and scrap steel recycling technology, reduce dependence on iron ore imports, and respond to the international trade environment through technology upgrades, market diversification and international cooperation.