Vietnam-based Hoa Phat Steel exported 40,000mt of construction steel in February, an increase of 2.7 times from the prior year. Steel exports into Canada accounted for the highest 54.4pc share, followed by exports to Thailand and Malaysia, respectively.
In 2019, Hoa Phat Group exported more than 265,000mt construction steel, up 11.3pc from the prior year. Hoa Phat exported the highest 151,000mt of steel to Cambodia, accounting for 50pc share, followed by Japan (55,000mt), Canada (20,000mt), the US and Malaysia.
In the Jan-Feb period, Hoa Phat produced over 381,000mt of finished steel, of which 18pc or 69,000mt were exported. Hoa Phat supplied 170,000mt of high quality billet to manufacturers in Southeast Asia and Asia.
Hoa Phat’s construction steel sales totalled 205,490mt, up against the prior year. Higher sales volume for finished steel was led by bullish demand in Southern Vietnam. Vietnam’s steel demand remained strong despite the Covid-19 outbreak in China and the government took proactive measures to tackle the absence of steel supply from China. The country’s strong economy supported construction projects and fueled steel demand.
The steelmaker expansion project at Hoa Phat Dung Quat Iron and Steel Complex is expected to complete by April 2020. The project’s Phase 2 will run a trail of the HRC line. The company aims to export 400,000mt steel, doubling from the current levels in 2020.