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Leading steelmakers in the country have reported the biggest-ever Q3 losses in amidst low sales, rapidly falling prices, and high inventories. The nation’s biggest steelmaker, Hoa Phat, incurred a negative after-tax return of VND1.79 trillion ($72 million),…
Steel prices have dropped for a 14th time in a row since mid-May with the total decline adding up to nearly 20%. Many producers like Hoa Phat Group, Viet Nhat, Viet Y, and Kyoei cut prices by VND300,000-500,000 ($12.81-21.36) a ton this week. Prices have…
Steel prices have dropped for the eighth time in a row since mid-May with a total decline of nearly 13 percent. Biggest steelmaker Hoa Phat Group brought its prices of rolled steel and rebar steel down for the eighth time last weekend, bring prices down by…
The Vietnamese steel industry was expected to benefit from the Russia-Ukraine crisis, but stocks of companies have been plunging due to rising input costs and declining demand. The shares of industry leader Hoa Phat Group fell Thursday to a 14-month low. HPG…
With domestic steel prices up nearly 8 percent in 10 days, contractors are caught in a dilemma: continue work and suffer losses or suspend work and suffer fines. The Vietnam Steel Corporation (VNSTEEL) has upped its prices by 7.6 percent for both rolled and…
Steel prices in Vietnam have increased by 2-5 percent in the last two weeks on the back of global price increases and are not far away from reaching last year’s peak. The Thai Nguyen Iron and Steel Jsc has increased its rolled steel prices to VND17.3-17.6…
Steel exports rose by nearly 130 percent in the first 11 months of this year to US$10.8 billion, according to the Vietnam Steel Association. Hoa Phat exported 914,000 tons of finished construction steel products, a year-on-year rise of 90 percent. It plans to…
Steel exports increased by 43.4 percent year-on-year in the first eight months to 8.54 million tons, and were worth US$7.1 billion, a 127 percent rise. In August, for a second month in a row, the billion-dollar mark was breached, with the value of shipments…
The Vietnam Steel Association (VSA) has protested the latest proposed adjustments to tariff rates on steel products saying they will hurt domestic manufacturers. Under the proposal made by the Ministry of Finance, export tariff for billets would rise from…
The price of Vietnamese construction steel dropped to below VND17 million ($732) per ton, but contractors said this was still high. The Viet Duc Steel Company said it has lowered prices of steel bars and coils by VND300,000 per ton from July 1, while the Thai…
The government has asked steelmakers to implement several steps to control rising steel prices that are hurting construction contractors. Deputy Prime Minister Le Minh Khai has asked the Ministry of Industry and Trade to push for increased domestic steel…
Steel manufacturers in Vietnam have seen profits increase as much 30-40 times in the first quarter as demand surges and prices rise. In Hanoi, Me Lin Steel saw a post-tax profit surge 41 times year-on-year to VND15.5 billion ($672 million), as steel prices…
Vietnam’s steel industry is expected to recover this year with rising export orders, thanks to improved global demand and surging domestic consumption. Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized…
Steelmaker Hoa Phat plans to manufacture 500,000 twenty-foot equivalent unit containers a year to mitigate a shortage since containers are stuck at ports after Covid-19 hit trade. It plans to build its first container manufacturing factory in Binh Duong or…
The Indonesian Anti-dumping Committee has concluded that Vietnam is dumping cold steel sheets following a 16-month-long investigation. Indonesia will apply anti-dumping duties of 3.01-49.2 percent on imports from Vietnam. But some major exporters are set to…
Tran Dinh Long, dubbed the “king of steel,” had no experience in the steel industry when he decided to enter it anyway in the mid-90s. “All I had at the time was passion and a lack of fear,” Long, founder and chairman of Vietnam’s biggest steelmaker, Hoa Phat…
