Sales of Hoa Phat’s construction steel in August reached 268,000 tonnes, reducing nearly 17 per cent from the same period last year. In the first 8 months of the year, Hoa Phat’s construction steel sale reached nearly 2.5 million tonnes, posting 16 per cent year-on-year increase. With the results, Hoa Phat’s construction steel market share rose by 37 per cent, 9 per cent higher than the beginning of the year.

This figure shows the strong growth of Hoa Phat steel despite of difficulties facing in the market due to the 4th wave of COVID-19 pandemic across the country.

According to the Vietnam Steel Association (VSA), Vietnam's crude steel production capacity (including all kinds of steel billet) is currently about 24 million tonnes a year. Crude steel production output in 2021 is expected to reach about 21.2 million tonnes, meeting domestic demand and for exports. In the January-August period, crude steel output reached over 13 million tonnes, up 23 per cent over the same period last year.

The production and sales of finished construction steel in August posted the lowest monthly output in 5 years in the period of 2017-2021, mainly due to social distancing in many localities. VSA members produced 713,000 tonnes of construction steel last month, down 8 per cent over the corresponding period last year. Steel sales reached nearly 560,000 tonnes, representing 40 per cent year-on-year decrease.

In the first 8 months of the year, construction steel consumption reached 6.6 million tonnes, equivalent to sales volume of member enterprises in the same period last year. In which, Vietnam exported over one million tonnes of construction steel in the eight month period, up 28 per cent over the same period last year.

Nghi Tran