Hoa Phat’s (HPG) steel sales posts 16% increase in 8 months
Hoa Phat’s (HPG) steel sales posts 16% increase in 8 months
Hoa Phat’s construction steel sale in the first eight months of the year reached nearly 2.5 million tonnes, posting a 16 per cent year-on-year increase. With the results, Hoa Phat’s construction steel market share rose by 37 per cent, 9 per cent higher than the beginning of the year.
This figure shows the strong growth of Hoa Phat steel despite difficulties facing the market due to the 4th wave of the COVID-19 pandemic across the country.
Sales of Hoa Phat construction steel in August reached 268,000 tonnes, falling nearly 17 per cent from the same period last year.
According to the Viet Nam Steel Association (VSA), Viet Nam's crude steel production capacity is currently about 24 million tonnes a year. Crude steel production output in 2021 is expected to reach about 21.2 million tonnes, meeting domestic demand and exports. In the January-August period, crude steel output reached over 13 million tonnes, up 23 per cent over the same period last year.
The production and sales of finished construction steel in August posted the lowest monthly output in 5 years in the 2017-2021 period, mainly due to social distancing in many localities. VSA members produced 713,000 tonnes of construction steel last month, down 8 per cent over the corresponding period last year. Steel sales reached nearly 560,000 tonnes, representing a 40 per cent year-on-year decrease.
In the first eight months of the year, construction steel consumption reached 6.6 million tonnes, equivalent to the sales volume of member enterprises in the same period last year. Of which, Viet Nam exported over one million tonnes of construction steel in the eight-month period, up 28 per cent over the same period last year.
