Vietnam-based steel producer Hoa Phat Group has announced that in January its sales of steel products including construction steel, hot rolled coil (HRC) and billet declined to 402,000 mt, down by 30 percent compared to the same month of the previous year. In particular, construction steel sales decreased by 20 percent to 304,000 mt, while HRC sales totaled 86,000 mt, 4,600 mt of which were exported to Thailand. Additionally, Hoa Phat also supplied nearly 13,000 mt of steel billet to other steel mills in Vietnam.
In the given month, the steelmaker produced 392,000 mt of crude steel, down 42 percent year on year. The company said that both production and sales volumes declined amid the Lunar New Year holiday as market demand was low.
During January, Hoa Phat's steel exports amounted to 46,000 mt, with sales made to the US, Canada, Mexico, Puerto Rico, Australia, Malaysia, Hong Kong and Cambodia.
Regarding downstream products, Hoa Phat’s steel pipe sales exceeded 53,000 mt, up six percent compared to the same month of 2022, while its galvanized steel sales came to 21,000 mt.