Posted on 10 May 2023
Vietnamese steelmaker Hoa Phat Group accelerated its crude steel production in April this year, alongside a hike in hot-rolled coil (HRC) output, Kallanish notes.
The mill produced 525,000 tonnes of crude steel in April, up 19% from March but down 29% year-on-year, according to the company's official data. HRC saw 239,000t of production, reaching a peak for this year.
Hoa Phat's steel product sales in the same period fell 23% y-o-y to 457,000t, down slightly from March. In particular, weak local and overseas demand for construction steel resulted in it selling only 214,000t of the product in April, down 28% y-o-y. Exports of construction steel accounted for 10% of total sales in April, Hoa Phat added. The production of steel pipe and galvanized steel reached 49,000t and 32,800t respectively in the past month.
From January to April this year, Hoa Phat produced nearly 1.8 million tonnes of crude steel, down 39% from the same period in 2022. Sales of all steel products exceeded 1.8mt, declining 34% y-o-y. This includes over 1mt of construction steel sales and 721,000t of HRC sales, losing 34% and 29% y-o-y. The downstream products of HRC are steel pipes and galvanized steel, which saw 209,000t and 102,000t of output in the first four months, down 20% and 25% from the same period of last year.
In addition, Hoa Phat supplied 36,500t of high-quality steel in the first quarter, such as steel wire rod for bead wire, screws, fabricated steel, and elevator cables. This volume nearly doubled compared to the previous quarter. It will strengthen the research and development of high-quality steel this year to serve the machinery and manufacturing industries, the mill said.
Source:Kallanish
