Vietnam Hoa Phat's steel output, sales both rise MoM in Mar
In March, HPG produced 741,000 tonnes of crude steel in total, up 7% on month. Meanwhile, the group's sales volume of hot-rolled coil (HRC), construction steel, high-quality steel and billet added up to 693,000 tonnes last month, jumping by 34% from February, HPG's release showed.
Within its total steel sales in March, prominently, sales of construction steel and high-quality steel reached 381,000 tonnes with an impressive surge of 80% on month, the release stressed, citing the country's domestic market being in construction season and a 76% on-month leap in its exports of these steel items as well.
In contrast, the Vietnamese steel giant's HRC sales moved lower by 1.1% on month to land at 263,000 tonnes in March. And its sales of steel pipes and galvanized steel sheets in Mrach stayed largely flat from February, registering 42,000 tonnes and 32,000 tonnes, respectively.
For the first quarter of this year, Hoa Phat produced 2.1 million tonnes of crude steel in total, an increase of 70% over the same period last year, while its sales of construction steel, steel billet and HRC in the same period combined to 1.85 million tonnes, also higher by 34% on year.
In the release, HPG also highlighted that its current focus - the Hoa Phat Dung Quat II Iron and Steel Complex project - has completed more than half of its scheduled work progress by early April.
The project, with an annual production capacity of 5.6 million tonnes of HRCs, is scheduled to 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.
Written by Carly Chen, chenziyi@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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