Vietnam's leading steel producer Hoa Phat Group experienced a slight decrease in crude steel production in February. The production amount, which was 693,000 tons in January, decreased to 690,000 tons in February. This corresponds to a decrease of 0.4% on a monthly basis.
In February, steel sales, including rebar, billets, and hot-rolled coils (HRC), also witnessed a 19% decrease compared to the previous month.
Weak market demand is considered the primary factor behind the decline in Hoa Phat's production and sales in February. The sluggishness in Vietnam's real estate sector also exerted downward pressure on steel demand in the region.
However, in the first two months of the year, Hoa Phat's crude steel production saw an impressive increase of 71.0% compared to the same period last year, reaching 1.38 million tons. The company's sales volume also rose by 32.0% year-on-year, reaching 1.15 million tons.
Hoa Phat is the largest integrated steel producer in Vietnam, manufacturing a wide range of steel products including rebar, flat steel products, and pipes. With approximately 25% market share in Vietnam's steel market, Hoa Phat continues to strengthen its presence in the constantly growing and evolving global steel market. Ranked 53rd among the world's steel producers, Hoa Phat demonstrated remarkable performance in 2022 by producing 7.2 million tons of steel.
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