Hoa Phat supplied 518,000 tons of steel to the market in February

In February 2024, Hoa Phat Group produced 690,000 tons of crude steel, equivalent to the previous month. Sales volume of hot rolled coil (HRC) steel products, construction steel, high quality steel and steel billet supplied to the market reached 518,000 tons, down 19% compared to the first month of the year.

Hoa Phat supplied 518,000 tons of steel to the market in February

Hoa Phat observed a decline in steel consumption primarily attributed to the prolonged Lunar New Year holiday and a persistently sluggish market demand. Construction steel and high-quality steel saw a notable decrease of 42%, amounting to 212,000 tons compared to January 2024. Furthermore, Hoa Phat supplied over 38,000 tons of steel billets to both domestic and foreign markets, with exports contributing 25,000 tons.

HRC steel, on the other hand, reached 266,000 tons, experiencing a modest 3% decline compared to the previous January. This reduction can be primarily attributed to a decrease in the export market compared to the initial month of the year. However, the domestic market witnessed increased output across all three regions.

Additionally, Hoa Phat supplied the market with 41,000 tons of steel pipes and 32,000 tons of galvanized steel sheets. These figures represent a decrease of 15% and 5% respectively when compared to the first month of the year.

Over the course of the past two months, Hoa Phat Group achieved a cumulative production of 1.38 million tons of crude steel, marking a remarkable 71% increase compared to the corresponding period in 2023. Sales of HRC steel products, construction steel, high-quality steel, and steel billets reached 1.15 million tons, reflecting a notable 32% growth over the same timeframe.

Out of these figures, construction steel and high-quality steel accounted for 575,000 tons, experiencing a marginal 2% decrease compared to the first two months of 2023. HRC steel, on the other hand, witnessed a significant surge, contributing 542,000 tons, effectively doubling the output from the previous year.

In terms of downstream products, Hoa Phat Steel Pipe recorded 88,000 tons over the two-month period, representing a 17% decline. However, the production of various types of galvanized corrugated iron reached 66,000 tons, showcasing a notable 39% increase. This growth can be primarily attributed to improved export output of corrugated iron in the past two months compared to the same period in 2023.

According to a report by the Vietnam Steel Association, Hoa Phat currently holds the leading market share in Vietnam for construction steel and steel pipes, with respective shares of 36% and 25.27% as of the end of January 2024.

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