Vietnam-based Hoa Phat Hung Yen Steel is looking to expand its presence in international market with the export of high-quality SAE grade wire rod steel to Africa, said a company release on Aug 18.
Hoa Phat will export its products to Africa through its multinational trading companies based in Switzerland and Dubai,
The first batch of 30,000mt is likely to be shipped to Kenya and Ghana in September-October, in which the former’s share will be 17,000mt.
Though infrastructure projects are yet to resume operations, steel mills in Vietnam plan to ramp-up production anticipating a rise in global steel demand in the second half of 2020. Meanwhile, Hoa Phat is exploring new export markets to maintain its production at 3.5-3.6mn mt, despite COVID-19 related crisis.
In the first seven months of 2020, the company exported 160,000mt of high-quality wire rod, up 2.3 times from the prior year period and 35.5pc higher than the total output of SAE products exported in the entire 2019. Its other export markets include the US, Japan, Canada, China, Australia, South Korea, Taiwan, Thailand, Malaysia, Indonesia, Cambodia, Brunei, the Philippines and Singapore.