Vietnam’s leading steel maker Hoa Phat Group has recorded 567,000 tonnes of crude steel output in October 2022, a decrease of 19% over the same period signalling weak steel market in Vietnam. The sales volume of construction steel, billets, and HRC reached 492,000 tonnes, which fell by 42% compared to October 2021. Meanwhile, construction steel output was nearly 210,000 tonnes, equal to 45% over the same period. HRC recorded an improvement of 30% to 267,000 tonnes. In the 10 months of 2022, the Group has produced 6.6 million tonnes of crude steel, a decrease of 2% over the same period. Sales of steel products reached nearly 6.2 million tonnes, dropping 3% compared to 10 months of 2021. The construction steel output enhanced by 13% to 3.6 million tonnes and HRC products reached 2.3 million tonnes which heighten up 9%. Hoa Phat's downstream HRC product which is the steel pipe recorded see improvements of 11% to 634,000 tonnes. Galvanized steel of all kinds reached 276,000 tonnes, down 13% compared to the accumulated 10 months of 2021. Hoa Phat Group is Vietnam's largest steel producer with an annual production capacity of 8.5 million tonnes and holds the largest market share in construction steel and steel pipe at 35.8% and 29.27% respectively.
Vietnam’s leading steel maker Hoa Phat Group has recorded 567,000 tonnes of crude steel output in October 2022, a decrease of 19% over the same period signalling weak steel market in Vietnam. The sales volume of construction steel, billets, and HRC reached 492,000 tonnes, which fell by 42% compared to October 2021. Meanwhile, construction steel output was nearly 210,000 tonnes, equal to 45% over the same period. HRC recorded an improvement of 30% to 267,000 tonnes. In the 10 months of 2022, the Group has produced 6.6 million tonnes of crude steel, a decrease of 2% over the same period. Sales of steel products reached nearly 6.2 million tonnes, dropping 3% compared to 10 months of 2021. The construction steel output enhanced by 13% to 3.6 million tonnes and HRC products reached 2.3 million tonnes which heighten up 9%. Hoa Phat's downstream HRC product which is the steel pipe recorded see improvements of 11% to 634,000 tonnes. Galvanized steel of all kinds reached 276,000 tonnes, down 13% compared to the accumulated 10 months of 2021. Hoa Phat Group is Vietnam's largest steel producer with an annual production capacity of 8.5 million tonnes and holds the largest market share in construction steel and steel pipe at 35.8% and 29.27% respectively.
