Vietnam-based steel producer Hoa Phat Group has announced that it has sold 296,000 mt of hot rolled coil (HRC) in March this year, up by 24 percent compared to February. This is the highest level since the company started supplying HRC to the market in November 2020. The record sales volume was mainly due to high domestic demand.
Due to high shipping costs and the impact of Russia’s invasion of Ukraine, HRC supply to Vietnam from Russia and India has faced many difficulties. Consequently, the company has increased the production of HRC in order to supply the domestic market, contributing to reducing Vietnam’s dependence on HRC supply from abroad.
In the first quarter of 2022, Hoa Phat supplied 763,000 mt of HRC to domestic and foreign markets, up by 15 percent year on year.