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Hoa Phat (HPG) supplied 518,000 tons of steel to the market in February 2024 

 Wednesday, March 27,2024

AsemconnectVietnam - In February 2024, Hoa Phat Group (HPG - HOSE) produced 690,000 tons of crude steel, equivalent to the previous month due to the impact of the Tet holiday.

Sales volume of hot rolled coil (HRC) steel products, construction steel, high quality steel and billet steel supplied to the market reached 518,000 tons, down 19% compared to the first month of the year.
Hoa Phat steel consumption volume decreased mainly due to the extended Lunar New Year holiday, combined with general market demand that has not improved. Construction steel and high quality steel recorded 212,000 tons, down 42% compared to January 2024. Hoa Phat also provided more than 38,000 tons of steel billet to domestic and foreign markets, of which exports contributed 25,000 tons.
HRC steel reached 266,000 tons, down 3% compared to last January, mainly because the export market decreased compared to the first month of the year. The domestic market still recorded increased output in all three regions.
In addition, Hoa Phat also supplied to the market 41,000 tons of steel pipes and 32,000 tons of galvanized steel sheets, down 15% and 5% respectively compared to the first month of the year.
Cumulatively in the past 2 months, Hoa Phat Group produced 1.38 million tons of crude steel, an increase of 71% over the same period in 2023. Sales of HRC steel products, construction steel, high quality steel, steel billets reaching 1.15 million tons, up 32% over the same period.
Of which, construction steel and high quality steel reached 575,000 tons, down 2% compared to the first 2 months of 2023. HRC steel contributed 542,000 tons, doubling over the same period last year.
With HRC downstream products, Hoa Phat Steel Pipe recorded 88,000 tons after 2 months, down 17%. Galvanized corrugated iron of all kinds reached an output of 66,000 tons, an increase of 39%, mainly thanks to better corrugated iron export output in the past 2 months compared to the same period in 2023.
According to the Vietnam Steel Association report, Hoa Phat holds the No. 1 market share in Vietnam in construction steel and steel pipes with 36% and 25.27% respectively, at the end of January 2024.
Source: VITIC/Tinnhanhchungkhoan


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