Vietnamese steel producer, Hoa Phat Group witnessed a decline in production and sales figures in May 2023 compared to the same period last year. However, there were signs of recovery compared to the previous month.
During May, Hoa Phat Group produced 565,000 tons of crude steel, reflecting a 27pct reduction compared to May 2022. Sales of construction steel products, HRC, and steel billet amounted to 530,000 tons, indicating a 20pct decrease from May 2022 but a 16pct increase from April 2023.
In more detail, construction steel production reached 284,000 tons in May, a decrease of 27pct compared to the same period last year but a notable 33pct increase from April 2023. HRC production recorded 243,000 tons, the highest figure since the beginning of the year, representing a 19pct increase over the same period last year.
Hoa Phat Group’s downstream products, such as steel pipes and galvanized steel sheets, experienced growth compared to the same period last year. Steel pipe sales reached over 57,000 tons, reflecting a 12pct increase, while 34,000 tons of galvanized steel sheets were supplied to domestic and foreign markets, doubling the figures from May 2022.
In the first five months of the year, Hoa Phat Group produced a total of 2.34 mln tons of crude steel, down by 36pct YoY. Sales of steel products amounted to 2.36 mln tons, down 31pct over the same period last year. Among them, construction steel sales decreased by 33 pct YoY to 1.36 mln tons, while HRC sales declined by 21 pct YoY to 965,000 tons.
During the five-month period, Hoa Phat Steel Pipe supplied 266,000 tons to the market, down by 14 pct YoY. Sales of galvanized steel sheet reached 136,000 tons, down 11pct YoY.
With a capacity of 8.5 mln tons, Hoa Phat Group holds the largest crude steel capacity in Vietnam.
