Vietnam's "Investment Online" reported on May 23 that the Ministry of Industry and Trade recommended that the Prime Minister of the government guide relevant departments to introduce some measures to regulate the price increase of steel products. They recommended that the Ministry of Finance adjust the import tax of steel products with large price changes.
On April 28, China announced the abolition of import taxes on some steel raw materials, the import tax rate for steel bars, billets and scrap steel was adjusted to 0%, and the export tax rebate for crude steel products was cancelled.
China is to reduce import costs, increase domestic steel supply, and at the same time support the reduction of domestic crude steel production. In the coming months, as China's domestic demand declines, the prices of steel products will fall.
In response to the soaring steel prices, in addition to requiring companies to increase production, the Ministry of Industry and Trade of Vietnam is planning to introduce relevant measures to restrict the export of domestic steel products that are in demand.
However, some experts believe that if Vietnamese companies have the ability to export, they should seize the opportunity to expand exports when prices are currently high, in order to obtain maximum profits. In addition, administrative orders cannot be used to restrict exports, for example, China only cancels export tax rebates.
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