Vietnam-based steel producer Hoa Phat Group has announced that it produced 567,000 mt of crude steel in October this year, decreasing by 19 percent year on year, while its sales of steel products including construction steel, hot rolled coil (HRC) and billet came to 492,000 mt, down by 42 percent compared to the same month last year. In particular, construction steel sales increased by 45 percent to 210,000 mt, while HRC sales totaled 267,000 mt, increasing by 30 percent year on year. The company also sold 57,000 mt of pipes and 27,000 mt of galvanized steel in October, down by 20 percent and 39 percent, respectively, both year on year. Hoa Phat’s production and sales volume decreased due to weak demand.
In the January-October period this year, the company produced 6.6 million mt of crude steel, down by two percent, while its steel sales totaled 6.2 million mt, decreasing by three percent, both year on year. In particular, Hoa Phat’s construction steel sales increased by 13 percent to 3.6 million mt, while its HRC sales totaled 2.3 million mt, increasing by nine percent, both year on year. In the first 10 months, the company sold 634,000 mt of pipes and 276,000 mt of galvanized steel, up by 11 percent and down by 13 percent, respectively, both year on year.
The company stated that it will adjust production and sales flexibility according to the movements of domestic and foreign markets.