Singapore—Vietnam is looking to extend its import safeguard duties on billet and longs steel as the March 21 expiry nears, regional sources said. Its Ministry of Industry and Trade is running an investigation for the extension of the safeguard duties, according to an official notice seen by S&P Global Platts. This had however, left the market divided into two camps -- one for the extension and the other against. The safeguard duties were introduced in March 2016, Platts reported previously. Vietnam’s initial safeguard duties on billet and longs steel imports were imposed at 23.3% and 14.2%, respectively, with a gradual, periodic decline to the current rate of 17.3% and 10.9%, expiring on March 21.
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