Speaking at the investor meeting for the Hòa Phát Dung Quất Iron and Steel Complex on March 26, Mr. Nguyễn Việt Thắng, General Director of Hòa Phát (HOSE: HPG), stated that they had proposed an anti-dumping investigation into Chinese HRC steel the previous week.

Hòa Phát, along with Formosa, submitted the proposal for anti-dumping duties on Chinese HRC steel on March 19.

"For Hòa Phát, our standpoint is simple: when we detect signs of dumping, we propose to the State authorities to support the domestic production industry. The steel industry is the backbone of the industry, and we believe the Government will support this," Mr. Thắng said, adding that whether the duties are imposed depends on the data and the thorough evaluation by State authorities.

"The process of submitting the application, evaluation, and investigation will take from 12 to 18 months from the date the Ministry of Industry and Trade initiates the investigation," another representative of Hòa Phát said. "Hòa Phát and Formosa only submitted the information and proposal for investigation on March 19. The Ministry of Industry and Trade is still in the process of evaluating whether the application is complete, valid, or lacking."

According to Mr. Thắng, this move aims to prevent unfair competition and deliberate underpricing.

"When there is an oversupply in China, companies accept selling at a loss. Many Chinese steel companies incurred losses last year, accepting to sell below cost to ensure product delivery," he said. "Overall, for major Chinese steel companies operating seriously, Hòa Phát remains confident in competing; we only object in cases where unfair competition might occur."

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

Source: Vietstock