Safeguard measures of tax to China’s steel billet
Vietnam Ministry of trade and industry said recently, they will impose a temporary safeguard measures tax to importing steel billets and long material,square steel billet will levy tax rate 23.3%, long material is 14.2%. This safeguard measures took effect on 22nd March , the duration is 200 days.
According to steel network news on 10tH Mar , the safeguard measures tax mainly aim at steel billet imported from China, Japan, Taiwan and South Korea also faces the same tax rate of 23.3%. Local traders said, considering of the existing 10% import tax ,now steel billet from China facing the tax rate of 33.3%, this measures will prevent China’s steel billet enter into Vietnam.
Traders also noted that recently the price of steel billet in China get increased day by day, it is said that price increased from 280 U.S. dollars / ton rose to 320 U.S. dollars / ton (CFR),which made the export intention not strong. Vietnam’s prices for steel billet at $390 / ton, this price estimated will be a things of the past. After the implementation of security measures of tax, local electric steel mill may will also increase the price of steel billet.
At the end of last year, In respond to the request of domestic steel mills , Vietnam Ministry of industry and trade proceed investigation to the safeguard for importing of steel billet and long products , steel mills accused that importing of steel billet has caused damage, and suggested that levy imported tax rate 45% on steel billet and wire rod long material 35% . Last year, The quality of steel billet which Vietnam imported from increased from 588 thousand tons to 1 million 500 thousand tons .
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