US imports of Vietnamese steel increasing

Vietnam's steel exports to the US have seen a dramatic surge in 2024 while the country is seeking recognition as a market economy. The first five months of 2024 witnessed a significant increase in flat coil steel imports from Vietnam, with average monthly volumes skyrocketing by 453% compared to the same period last year. This growth was largely driven by galvanized sheet imports, though cold rolled coil imports also saw notable gains. By March 2024, Vietnam had overtaken Mexico to become the second-largest supplier of galvanized sheets to the US. This rapid ascent has raised concerns about potential trade circumvention and unfair competition. The influx of imports, particularly hot-dipped galvanized (HDG) steel, has put considerable pressure on the US steel industry.