The sales volume of steel products reached 492,000 tons in October

In October 2022, Hoa Phat Group recorded 567,000 tons of crude steel output, a decrease of 19% over the same period. The sales volume of construction steel, billets, and HRC reached 492,000 tons, which fell by 42% compared to October 2021. Meanwhile, construction steel output was nearly 210,000 tons, equal to 45% over the same period. HRC recorded an improvement of 30% to 267,000 tons.

From the third quarter to now, the Group's production and sales volume decrease significantly due to weak domestic and foreign market demand. In the past month, the sales volume of construction steel fell sharply, of which the export market was down by more than 73%.

However, HRC steel still grew compared to September 2022 and October 2021. This result is thanks to several batches exported to Indonesia and Malaysia.

In addition to the above products, Hoa Phat also supplied more than 57,000 tons of steel pipes and 27,000 tons of coated steel sheets to the market, which fell 20% and 39% respectively over the same period in 2021.

In the 10 months of 2022, the Group has produced 6.6 million tons of crude steel, a decrease of 2% over the same period. Sales of steel products reached nearly 6.2 million tons, dropping 3% compared to 10 months of 2021. The construction steel output enhanced by 13% to 3.6 million tons and HRC products reached 2.3 million tons which heighten up 9%.

Hoa Phat's downstream HRC product which is the steel pipe recorded see improvements of 11% to 634,000 tons. Galvanized steel of all kinds reached 276,000 tons, down 13% compared to the accumulated 10 months of 2021.

Hoa Phat Group is Vietnam's largest steel producer with an annual production capacity of 8.5 million tons and holds the largest market share in construction steel and steel pipe at 35.8% and 29.27% ​​respectively.  Hoa Phat galvanized steel sheet is in the top 5 sales market share nationwide.

In the near future, the Group will flexibly adapt production and sales to domestic and foreign consumer market movements, and prioritize better control of inventory and operating costs.

HPG News