On March 26, during an investor meeting at the Hòa Phát Dung Quất Steel Complex, Nguyễn Việt Thắng, CEO of Hòa Phát (HOSE: HPG), announced that the company had submitted a proposal to investigate anti-dumping duties on Chinese Hot Rolled Coil (HRC) steel. The proposal was filed alongside Formosa on March 19.

Thắng stated, "For Hòa Phát, our stance is straightforward: when we detect signs of dumping, we will propose to the authorities to support the domestic industry. The steel industry is a backbone of our economy, and we believe the government will support this action." He added that whether or not duties will be imposed depends on the data and thorough evaluations by the relevant authorities.

A representative from Hòa Phát mentioned, "The process of submitting the proposal, evaluation, and investigation will take 12 to 18 months from the initiation of the investigation by the Ministry of Industry and Trade. Hòa Phát and Formosa have only submitted the information and proposal on March 19. The Ministry is still reviewing whether the documents are complete and valid."

Thắng explained that this move aims to prevent unfair competition and deliberate underpricing. He noted, "When China has excessive supply, companies are willing to sell at a loss. Many Chinese steel companies were unprofitable last year, and they accept selling below cost to ensure their products are sold." He added that despite the competitive pressure from large Chinese steel companies, Hòa Phát remains confident in its ability to compete and only opposes unfair competition.

According to Kallanish, Hòa Phát is selling HRC steel at $610 per ton, Formosa at $583-$590 per ton, while Chinese HRC steel is priced between $535-$540 per ton.

Source: Vietstock