Posted on 15 May 2024
Hoa Phat Group (HPG), the largest steelmaking group in Vietnam, saw its sales of billet, construction steel, coated coils and hot rolled coil (HRC) climb by 16% on month to reach 805,000 tonnes in April, according to the Hanoi-based group's new release.
Meanwhile, HPG produced 738,000 tonnes of crude steel last month, inching down by 0.4% from March, the release showed.
The relatively low level of steel inventory at agents and distributors led Hoa Phat to import additional steel products in April, which helped the steel mill increase its sales of construction steel across Vietnam, it added.
Last month, Hoa Phat's sales of HRC eased by 4% on month to sit at 252,000 tonnes, while its sales of steel pipes and galvanized steel sheets soared by 66.7% and 50% on month respectively to register 70,000 tonnes and 48,000 tonnes.
Over January-April, Hoa Phat's sales volume of steel products jumped by 47.2% on year to 2.65 million tonnes, with 95,200 tonnes exported, the HPG release showed.
In the release, HPG also highlighted that by early May, it had completed more than half of its scheduled work progress its current expansion, the Hoa Phat Dung Quat II Iron and Steel Complex project.
The project, to have an annual production capacity of 5.6 million tonnes of HRC, is scheduled to be put into operation in the first quarter of 2025 and will lift HPG's total crude steel capacity from the current 8.5 million tonnes/year – the largest in Southeast Asia - to more than 14 million t/y, as reported.
Source:Mysteel Global
