Vietnam extended anti-dumping duty on billet, rebar and wire in the next 3 years, the Ministry of Industry and Trade said in a March 20 notice.
The renewal tax takes effect on March 22, one day after the expiry of the previous tax rates in effect from March 2016, according to the notice. In the first year, the tax will be at 15.3% for billet and 9.4% for rebar / wire products.
“This is good news for the local industry,” a South Vietnamese factory source said. “But the outlook is now more worrisome, because the demand for steel is unclear, with the possibility of a global economic downturn present huge.”
In the second year of safeguards, the tax rate will be reduced to 13.3% for steel billets and 7.9% for rebar / wire products, and in the third year, until March 21, 2023, they will fall to 11.3% for billet and 6.4% for rebar and wire products, according to the announcement.
Since 2016, tariffs have been imposed to protect domestic steel producers from importing billet from countries including China, Russia, Malaysia, Thailand and Indonesia.
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