Vietnam’s Hoa Phat expands domestic construction steel market share

Tuesday, 21 September 2021 12:39:58 (GMT+3)   |   Istanbul

Vietnam-based steelmaker Hoa Phat Group has announced that its construction steel market share has increased to 37 percent, up by nine percent compared to the beginning of this year, despite difficulties faced in the market due to the fourth wave of the pandemic across the country.

Hoa Phat sold 268,000 mt of construction steel to the domestic market in August and approximately 2.5 million mt in the first eight months this year, as SteelOrbis previously reported.

According to the Vietnam Steel Association, Vietnam’s annual crude steel production capacity is currently about 24 million mt. The country’s crude steel output in 2021 is expected to reach about 21.2 million mt. In the January-August period this year, crude steel output exceeded 13 million mt, up by 23 percent year on year. In the first eight months, consumption of Vietnam’s construction steel reached 6.6 million mt, of which over one million mt were exported in the given period, up by 28 percent year on year.

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