Vietnam and Thailand placed tariffs on Chinese steel exports. China’s Southeast Asian neighbors are joining an international effort to limit its massive steel industry’s influence on world prices led by Europe and the U.S.

Low oil prices forced OPEC’s accounts to dip into deficit for the first time since 1998.

China’s Neighbors Are Sick of Steel Dumping, Too

Countries such as Vietnam, Indonesia and Thailand are challenging a flood of imports from China. They are retooling their steelmaking technology and imposing tariffs as a construction boom spurs steel demand across Southeast Asia

Free Download: The June 2016 MMI Report

Steel from China is expected to dominate the market for many years, but swelling demand is driving efforts in countries such as Vietnam and Indonesia to build more modern plants, impose tariffs and better compete with China’s vast mills.

Vietnam imposed temporary anti-dumping tariffs ranging from 14% to 23% on steel imports from China and elsewhere in March. It recently slapped additional import duties of up to 25% on more Chinese steel products that will last until October 2019.

Thailand’s commerce ministry is working on the final draft of an anti-dumping law. The government there expects to propose the draft for approval by end-2016, according to a spokeswoman.

OPEC Accounts Fall into Deficit, First Time Since 1998

OPEC’s 2015 oil export revenues slumped 46% to a 10-year low, the group said in a report published on Wednesday, underlining the impact on producers’ income from a collapse in prices.

Two-Month Trial: Metal Buying Outlook

Oil prices are at about $50 a barrel, half their mid-2014 level after being pressured by oversupply. OPEC’s decision in November 2014 to not cut supply, hoping a drop in prices would curb supply from competitors, deepened that decline.

The fallout from the U.K.’s vote to leave the European Union is still being felt as lawyers and politicians begin to try to untangle the regulatory mess the eventual move will make and steel imports into the U.S. are up.

Brexit Creates Legal Chaos

Lawyers and lawmakers braced on Friday for uncertainty following the U.K.’s vote to exit the European Union, leaving London to redefine and rewrite its trade and legal ties with the EU, with the U.S. and the rest of the world.

Steel Imports Up in May

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,786,000 net tons of steel in May 2016, including 2,077,000 nt of finished steel (up 12.2% and 1.8%, respectively, vs. April final data).

Two-Month Trial: Metal Buying Outlook

On the year-to-date through five months of 2016 total and finished steel imports are 12,795,000 and 10,544,000 nt, both down 31% vs. the same period in 2015.

Annualized total and finished steel imports in 2016 are 30.7 and 25.3 million nt, down 21% and 20% respectively vs. 2015. Finished steel import market share was an estimated 23% in May and is estimated at 24% on the year-to-date.