Vietnam’s leading steelmaker Hoa Phat Group produced 392,000 tonnes of crude steel in January 2023, equivalent to 56% compared to January 2022 and sales of 402,000 tonnes down 64 % with both New Year's holiday and Lunar New Year's holiday occurring in January. Hoa Phat said “Therefore, the demand for construction materials in general and steel in particular was low. With that being said, production and sales volume both decreased significantly over the same period.”In the above output, construction steel and high quality wire rod contributed 304,000 tonnes, a decrease of 20% compared to January 2022. HRC reached 86,000 tonnes, of which 4,600 tonnes were exported to the Thai market. Additionally, Hoa Phat also supplies billet to other steel rolling mills in Vietnam, amounting to nearly 13,000 tonnes. Steel export output of rebar & wire rod reached 46,000 tonnes in January.Regarding downstream products, Hoa Phat steel pipe recorded more than 53,000 tonnes, an increase of 6% compared to the first month of 2022. Galvanized steel sheets of all kinds reached 21,000 tonnes, equivalent to 50% compared to the same period in 2022.The current steel production capacity of the Group is 8.5 million tons of steel per year. Based on the market situation, Hoa Phat Group is adapting its production and business plan according to market developments in a flexible manner. This allows it to optimize efficiency and production costs in accordance with market developments.