Vietnam’s Hoa Phat sells a record 522,000 mt of steel in Sept

Tuesday, 06 October 2020 17:27:37 (GMT+3)   |   Istanbul

Vietnam-based steelmaker Hoa Phat Group has announced that it managed to sell 522,000 mt of steel in September, including 352,000 mt of finished steel and 170,000 mt of billet, reaching a new record. Consumption of the company’s finished steel rose by 82.3 percent from the same period last year, with its finished steel exports doubling to 62,700 mt.    

In the January-September period, the company’s steel sales reached more than four million mt of crude steel, two times higher than the corresponding period last year. The company’s finished steel sales increased by 27 percent in this period. Steel sales in the southern region reached around 600,000 mt in the January-September period, more than double the volume in the same period last year.

With the sudden surge in output in the south of Vietnam, the proportion of Hoa Phat steel sales has changed sharply in the direction of strongly increasing in the south and in exports. In 2016, its steel sales in the south only accounted for 10 percent of the company’s total output. However, in the first nine months of the current year, sales in the south increased by 23 percent, constituting nearly a quarter of the total sales of Hoa Phat’s finished steel.

Hoa Phat shipped more than 370,000 mt of construction steel in the first nine months of the year, increasing by 95 percent year on year. The company’s main export markets included Japan, South Korea, Malaysia, Australia, Canada, Thailand, Cambodia and Laos. In the given period, the total volume of Hoa Phat’s steel billet exports reached 1.25 million mt.

In addition to construction steel, Hoa Phat Dung Quat Iron and Steel Complex is increasingly improving its HRC output and quality. The company’s HRC output has so far reached 230,000 mt, contributing to the autonomy of raw materials for the group’s steel pipe and galvanized steel factories so far.

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