Vietnam-based steel producer Hoa Phat Group has announced that it produced 5.5 million mt of crude steel in the first eight months of this year, up by two percent year on year, while its sales of steel products including construction steel, hot rolled coil (HRC) and billet reached 5.14 million mt, up by five percent compared to the same period last year. In particular, construction steel sales increased by 82 percent to 3.1 million mt, while HRC sales increased by three percent to 1.8 million mt, both compared to the same period of 2021. The company also sold 491,000 mt of pipes and 226,000 mt of galvanized steel in the given period, posting five percent and seven percent increases year on year, respectively.
In August, the sales volume of billet products, construction steel and HRC totaled 628,000 mt. The company’s construction steel sales in August amounted to 233,000 mt, increasing by 44 percent year on year, while its HRC sales totaled 233,000 mt, decreasing slightly compared to August 2021.
In the given month, the company’s pipe sales amounted to about 64,000 mt, up by 60 percent, while its galvanized sheet sales amounted to 28,000 mt, down by five percent, both year on year.
Hoa Phat expects the steel consumption market to become positive by the end of the year as the government has taken a number of measures during the peak construction season to boost public investment spending and progress on major projects.