Vietnam-based steel producer Hoa Phat Group has announced that in January this year the company produced 707,000 mt of steel, up by five percent year on year. In particular, in the given month the company’s construction steel production totaled 382,000 mt, double compared to January 2021, while its HRC output totaled 228,000 mt. The company’s steel sales volume in January reached 631,000 mt, including construction steel, steel billet and hot rolled coil.
Hoa Phat’s high quality construction steel continues to receive large orders from the international market. The company’s construction steel export volume in January reached 116,000 mt, three times higher than in the same month in 2021. The main export markets included Singapore, Hong Kong, Canada, Japan, South Korea and Cambodia.
The company stated that local consumers offer to buy more than 300,000 mt of HRC every month, but it can only meet about 250,000 mt of this demand. The company also receives orders from the US, Canada, Mexico, Italy, Germany, South Korea and Indonesia.
Hoa Phat’s annual steel production capacity is currently more than eight million mt, including five million mt of construction steel and three million mt of HRC. Hoa Phat Group is also implementing the Hoa Phat Dung Quat 2 Steel Integrated Complex project with an planned annual production capacity of 5.6 million mt of HRC, as SteelOrbis previously reported. The company’s annual steel production capacity will reach about 14 million mt, including 8.6 million mt of HRC when the complex becomes operational in 2025.
The company expects steel demand in both domestic and foreign markets to be strong in the coming months.