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Hoa Phat's crude steel production increased by 71% in the first two months of 2024

Hoa Phat Group maintained a steady production trend in February 2024, producing 690,000 tons of crude steel, equivalent to the previous month. Cumulative production in the first two months of the year increased by 71% compared to the same period in 2023, reaching 1.38 million tons.

Hoa Phat's crude steel production increased by 71% in the first two months of 2024

However, there was a decrease in the supply of steel products to the market in February. Sales volume of hot-rolled coil (HRC) steel products, construction steel, high-quality steel, and steel billets decreased by 19% to 518,000 tons compared to January. This decline was attributed to factors such as the lack of improvement in overall market demand and the extended Lunar New Year holiday.

Sales of construction steel and high-quality steel also declined by 42% to 212,000 tons compared to January. Meanwhile, sales of hot-rolled coil steel remained at 266,000 tons, experiencing a 3% decrease due to the contraction in export markets.

In February, Hoa Phat supplied more than 38,000 tons of steel billets to both domestic and international markets, with 25,000 tons being exported.

In the first two months of 2024, Hoa Phat Group's crude steel production increased by 71% compared to the same period in 2023, reaching 1.38 million tons. Sales of hot-rolled coil steel products, construction steel, high-quality steel, and steel billets also increased by 32% to 1.15 million tons.

Despite this overall increase, sales of construction steel and high-quality steel decreased by 2% to 575,000 tons compared to the first two months of 2023. Hot-rolled coil steel, however, doubled to 542,000 tons, compared to the same period last year.

According to a report from the Vietnam Steel Association, as of the end of January 2024, Hoa Phat continues to maintain its leading position in Vietnam with a market share of 36% in construction steel and 25.27% in steel pipes.

While Hoa Phat Group maintained production stability in February, it experienced a decline in sales. However, significant growth was achieved in the first two months compared to 2023. The Group is expected to review its production and sales strategies to maintain its market share and closely monitor market developments.

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