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475,000 tons of Hoa Phat steel (HPG) were consumed in February 

 Tuesday, March 14,2023

AsemconnectVietnam - In February 2023, Hoa Phat Group (code HPG - HOSE) produced 416,000 tons of crude steel, equaling 60% of the same period in 2022.

Sales volume of construction steel, hot rolled coil (HRC) and billet reached 475,000 tons, equaling nearly 70% compared to February 2022. The bright spot is that HRC production is more than 2 times higher than in January.
Consumption of steel products in domestic and foreign markets both decreased over the same period. This reflects two different states of the construction market in early 2022 and 2023. In the first quarter of 2022, construction steel consumption reached a record high thanks to strong growth in market demand. In 2023, the market was quiet due to weak demand, leading to negative steel consumption.
Specifically, construction steel reached 282,000 tons, down 37% compared to February 2022. Hoa Phat's HRC recorded 186,000 tons, more than 2 times higher than January 2023, but down more than 20% compared to the same period last year. With the downstream product HRC, Hoa Phat steel pipe consumed 54,000 tons, down 31%; coated steel sheet of all kinds reached nearly 27,000 tons, down slightly over the same period.
Accumulated in the first 2 months of 2023, Hoa Phat Group's crude steel output reached 809,000 tons, down 42% over the same period. Sales of construction steel, HRC and billet recorded 877,000 tons, down 34% compared to the first 2 months of 2022.
In addition, Hoa Phat also supplied the market with 107,000 tons of steel pipes, 48,000 tons of coated steel sheets of all kinds, equivalent to 83% and 68% of the sales volume in the first 2 months of last year.
Up to now, the Group's crude steel production capacity has reached 8.5 million tons/year, the largest in Southeast Asia. In the coming time, the Group will continue to closely monitor domestic and foreign market developments to regulate production accordingly, ensuring jobs for employees.
Source: VITIC/Tinnhanhchungkhoan


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