Hoa Phat provided 4 million tons of steel to the market after 8 months

The leading steel manufacturer Hòa Phát Group sold nearly 558,000 tonnes of steel in August, increasing 8 per cent over the previous month and 20 per cent over the same period last year. Sales output of construction steel, steel billets, and hot rolled coil steel (HRC) reached 558,000 tons, equivalent to July.

Of which the volume of construction steel hit 306,000 tonnes, up 18 per cent month-on-month and the highest since the beginning of this year.

Hoa Phat Group supplies 4 million tons of steels to the market in the first 8 months of the year

Notably, the group exported 98,000 tonnes of construction steel in the month, a 3.5-fold increase against that in July and the highest in one year.

In the context of fierce competition, Hoa Phat's HRC steel still recorded a sales volume of 241,000 tons, down 17 per cent compared to the previous month. In the domestic market alone, the group's HRC consumption increased by 16 per cent compared to July.

In addition, the group also supplied 40,000 tons of steel pipes and nearly 12,000 tons of galvanized steel sheets of all kinds in August, decreasing 45 per cent and 63 per cent respectively compared to the previous month.

In the first 8 months of the year, Hoa Phat Group recorded 4.18 million tons of crude steel, posting 25 per cent year-on-year decrease. Sales of construction steel, steel billet and HRC reached more than 4 million tons, down 22 per cent over the same period last year.

Of which, construction steel, high-quality steel coils for mechanical manufacturing (drawing wires, making screws, car tires, pre-stressed steel, etc.) reached 2.2 million tons, reducing 29 per cent compared to the corresponding period last year. In the eight-month period, Hoa Phat provided more than 1.7 million tons of hot rolled steel coils to the market, posting 3 per cent year-on-year decrease.

HRC downstream products such as steel pipes and galvanized steel sheets reached 439,000 tons and 219,000 tons, respectively, down slightly over the same period last year.

Construction steel output in August reached its highest level since the beginning of the year

Currently, Hoa Phat has a capacity of 8.5 million tons of crude steel, the largest in Southeast Asia. In addition to stabilizing production to serve market demand, the group is actively implementing the Hoa Phat Dung Quat 2 Steel Integrated Complex project, with a capacity of 5.6 million tons of HRC a year. The project is expected to be completed in 2025. As of early September 2023, the project has been implemented 35 per cent of the work progress.

In its long-term development strategy, the group targets to produce green steel, focusing on developing high-quality steel and high-tech steel to serve the mechanical engineering and steel structure industries.

                                                                                    HPG News