Vietnam-based Hoa Phat’s sales double in January-October

Vietnam-based Hoa Phat’s sales double in January-October

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Vietnam-based steelmaker Hoa Phat Group has announced that it managed to sell 383,000 mt of steel in October this year, including 250,000 mt of finished steel and 133,000 mt of billet. In October, unfavorable weather conditions slowed down the growth in finished steel consumption compared to September. However, consumption in the north and the south of Vietnam still showed growth. The company’s steel sales in the south totaled 60,000 mt in October, up by 25 percent year on year.

Hoa Phat’s finished steel and billet exports continued to grow in October. In the given month, the company’s finished steel exports reached nearly 62,000 mt, 4.3 times higher than the same month last year, while its billet exports totaled more than 133,000 mt.

In the January-October period, the company’s steel output reached 4.6 million mt of crude steel, two times higher than the corresponding period last year. In the given period, the company’s steel sales volume reached nearly 4.14 million mt, of which construction steel sales totaled 2.7 million mt, up by 28.6 percent, while its square billet sales totaled 1.4 million mt. Hoa Phat’s finished steel exports reached 435,000 mt in the first 10 months this year, two times higher than the same period of 2019.   

In the first 10 months of the current year, Hoa Phat Dung Quat Iron and Steel Production Complex produced more the 340,000 mt of HRC, while it produced more than 112,000 mt of the given product in October alone. From the beginning of November 2020, Hoa Phat has started to sell commercial HRC to the market.

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