Steel falls as US imposes tariffs on imports from Vietnam

Steel prices fell during trading today on the US market after the US Department of Commerce decision to impose tariffs on US imports of steel from Vietnam.

The department said it has imposed a 456% tariffs on some steel materials manufactured in South Korea and Taiwan which are then shipped to Vietnam for processing and eventually exported to the United States.

The ministry said in a statement that it had discovered that the stainless steel imported from Vietnam is produced in South Korea and Taiwan and is subsidized by the government.

US imports of processed steel in Vietnam between December 2015 and February 2016 jumped 332% between February and April 2019.

This comes in tandem with fears of a renewed trade war between the United States and the European Union this time.

In terms of trading, by 14:00 GMT, steel prices fell by 0.1% to $ 1112.7 per tonne, with a high of $114.9 and a low of $1110.9.