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VN’s Hoa Phat sees surge in steel sales

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A Hoa Phat steel plant. Photo courtesy of the company/VIET NAM NEWS

VN’s Hoa Phat sees surge in steel sales

Leading Vietnamese steel manufacturer Hoa Phat Group JSC sold 300,000 tonnes of construction steel last month, up 19 per cent from June and 27.5 per cent year-on-year.

It said it exported 53,500 tonnes of steel last month, double the volume in the same period last year.

Sales in the southern region rose two-fold year-on-year to 75,000 tonnes, mostly thanks to civil construction works. The launching of public infrastructure projects also helped push Hoa Phat’s steel sales up.

In the first seven months of this year, Hoa Phat supplied 1.81 million tonnes of construction steel to the market, up 14.5 per cent year-on-year, including 256,500 tonnes shipped to foreign markets, up 73.3 per cent and equivalent to the total export volume last year.

Major export markets of Hoa Phat steel include Cambodia, Laos, Thailand, Malaysia, Australia, South Korea, Japan and Canada.

Along with ready-to-use steel, Hoa Phat also sold one million tonnes of steel billets for construction steel production in seven months, including 169,000 tonnes last month alone.

The completion of Hoa Phat Dung Quat port made great contributions to the transport of Hoa Phat steel, promoting its sales. Recently, the port received a 176,000 tonne capsize vessel, the biggest of its kind it had ever served.

Cambodia was the largest market last year, to which Hoa Phat shipped 151,000 tonnes of steel, accounting for more than 50 per cent of its total export volume. The Kingdom ordered 70,000 tonnes of steel from the company in 2018.

The company highlighted the importance of the Cambodian market. Its proximity to Vietnam helps reduce transportation costs, while the Kingdom’s steel industry’s current inability to keep up with demand presents a fruitful opportunity for the firm.

VIET NAM NEWS/ASIA NEWS NETWORK

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