Falling gold prices revive physical demand in key markets
Consumers in price sensitive regions such as India had been finding it difficult to cope with gold's rally in recent months.
Vietnam will impose a temporary anti-dumping tax on some steel products from China from next week, the Ministry of Industry and Trade said on Wednesday.
The anti-dumping tax on some colour coated steel products from China will be 3.45%-34.27%, effective from Tuesday, the ministry said in a statement posted on its website.
The Southeast Asian country will also impose an anti-dumping tax of 4.48%-19.25% on similar products from three South Korean companies, the statement said.
The statement comes just over a week after Vietnam said it would crackdown on goods of Chinese origin illegally labelled “Made in Vietnam” by exporters seeking to avoid U.S. tariffs on products made in China.
“The dumping of the products … continues to cause significant threat to domestic colour coated steel production,” the ministry said in its statement.
It said domestic production has slowed, especially over the last seven months of 2018, with many local companies suspending production. The ministry did not give specifics on the slowdown.
The anti-dumping tariff will be in place for 120 days, the ministry said, adding that the result of its investigation into the dumping will be announced in the fourth quarter this year.
Vietnam has been touted as one of the largest beneficiaries of the trade war between Beijing and Washington as some businesses are shifting their supply chains away from China in order to avoid tariffs.
The value of Vietnam’s imports of steel and steel products from China rose 13% last year to $6.1 billion, according to Vietnamese customs data.
(By Khanh Vu; Editing by Tom Hogue)
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