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In April, Vietnam emerged as the 10th top crude steel producer in the world with an estimated production of 2.1 million tonnes. This landmark achievement marks the first time Vietnam has entered the top ten, surpassing Italy, as per the World Steel…
Leading steelmaker Hoa Phat lost VND1.79 trillion ($73 million) in the third quarter, its first quarterly loss in 13 years. It reported revenues of VND34.44 trillion in the quarter, down 12% from the same period last year and 8% from the previous quarter. Its…
Vietnamese steel giant Hoa Phat Group saw a 32% rise in sales volume of steel products in the first two months of this year, the firm reported. In the January-February period, Hoa Phat sold 1.15 million tonnes of hot rolled steel products (HRC), construction…
Construction steel sales hit 958,500 tons in September, the highest in nine months, and posting positive growth for the first time this year. Sales went up 9% from August and 4% year-on-year, according to the Vietnam Steel Association. Industry leader Hoa…
The price of steel has plunged to the lowest in three years to around VND13.5 million ($562.09) per ton amid declining demand. Hoa Phat Group, which accounts for 30% of the domestic market, has lowered its rolled steel prices by 2.17% from a week ago to…
The European Commission (EC) has announced the launch of anti-dumping and anti-subsidy tax investigations into cold-rolled stainless steel products imported from Vietnam. The investigations are being conducted at the request of the European Steel Association…
Pomina Steel has agreed to sell nearly 70.2 million shares, a 20% stake, to Japan’s Nansei steel. The company will sell at VND10,000 ($0.42) per share, 35% higher than its market price. The deal, to be conducted in August this year and September next year, is…
Prices of construction steel have dropped by VND200,000 (US$8.50) per ton, the 10th decline in a row, to VND14.5 million, the lowest rate in the last two months. Companies like Hoa Phat, Viet Y, Viet Duc, and Viet Nhat have cur prices by a cumulative VND1.5…
According to the Vietnam Steel Association, over 735,000 tons of construction steel were sold in April, the second-lowest monthly sales figures since 2022. The sale was down 15% against the same period last year. Over 710,000 tons of construction steel were…
Weak demand has begun pushing steel prices down after they climbed to a seven-month high in March. Leading steel manufacturer Hoa Phat Group has accordingly lowered its rebar steel price by 0.63% to VND15.89 million ($677.55) per ton. It also brought the…
Vietnam’s major manufacturers have raised steel prices to a 7-month high despite plunging demand. On Tuesday, Hoa Phat Group hiked its prices for rebar steel by 0.95% to VND15.99 million ($678.55) per ton. Local steelmakers Viet Y, Viet Duc, Kyoei and Viet My…
Steelmaker Hoa Sen Group expects a modest after-tax profit of VND100 billion (US$4.2 million) to VND300 billion this year as a raft of potential pitfalls loom. Whichever figure it achieves will be the lowest in the last 10 years, mainly due to anticipated…
A drop in prices and consumption put major steel businesses Hoa Phat, Nam Kim and VNSteel in the red in the fourth quarter of 2022, dragging their annual results to the lowest level in many years. Hoa Phat, which accounts for nearly 35% of Vietnam’s…
Hoa Phat Group, Vietnam’s biggest construction steel firm, posted net losses of nearly VND2 trillion ($84.7 million) in Q4 last year, higher than the losses of roughly VND1.8 trillion in Q3. The company’s losses in Q3 was its first quarterly loss in 13 years.…
The local steel market continued to be gloomy, with reductions in production and consumption in the past 11 months, a report published by the Vietnam Steel Association (VSA) this week revealed. Finished steel production saw a yearly decline of 11.3% to 27.12…
Hoa Phat Group’s sales plummeted by 42% year-on-year in October to 492,000 tons as domestic and global steel demand continued to fall. According to monthly data from Vietnam’s largest steel company, this is its lowest sales volume since February 2021.…
