Vietnam-based steel producer Hoa Phat Group has announced that in January this year it produced 693,000 mt of crude steel, up by 7.0 percent month on month. The company’s sales volume in January decreased by 16.0 percent month on month to 639,000 mt, including construction steel, steel billet and hot rolled coil. In particular, in the given month the company’s construction steel and high-quality steel sales totaled 363,000 mt, down by 22.0 percent month on month.
Steel consumption recorded a month-on-month decrease mainly due to the market remaining sluggish. Demand is weak ahead of the Lunar New Year holiday.
The company’s hot rolled coil sales amounted to 275,800 mt in January, up two percent compared to December last year. Galvanized steel sheet sales went up by 39.0 percent month on month, reaching around 34,000 mt while pipe sales decreased by 30.0 percent month on month to 47,900 mt.
As for 2024, Hoa Phat said that it will continue to regulate production in accordance with market demand, while implementing the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project according to the set schedule. By the end of 2023, the project had reached 45 percent completion.
The group currently has a crude steel capacity of 8.5 million mt per year, the largest in Vietnam and Southeast Asia.