Steel News

Recently, the Trade Remedies Authority (Ministry of Industry and Trade) and the European Commission issued a notice initiating an anti-dumping investigation into certain types of hot-rolled coil originating from Egypt, India, Japan, and Vietnam imported into the EU. This is part of the European Union's effort to protect its domestic industry from unfair competition from other countries.Hot-rolled coil (HRC) steel from Vietnam is facing anti-dumping measures by the EUThe decision to initiate the investigation was made based on the request received by the European Commission from the European Steel Association on June 24, 2024, concerning hot-rolled coil products. The products under investigation are classified under the following HS codes: 72081000, 72082500, 72082600, 72082700, 72083600, 72083700, 72083800, 72083900, 72084000, 72085210, 72085299, 72085310, 72085390, 72085400, 72111300, 72111400, 72111900, ex 72251910, 72253090, ex 72254060, 72254090, ex 72261910, 72269191, and 72269199.The anti-dumping investigation period covers from April 1, 2023, to March 31, 2024, while the damage investigation period spans from January 1, 2021, to March 31, 2024. The Trade Remedies Authority also noted that the European Commission’s initiation notice includes comprehensive information about the involved parties. The notice details the investigation procedures, relevant deadlines, the rights and obligations of the parties, and provides guidance on how to upload and submit documents through the EC's electronic system, TRON.HRC is one of the important products of the steel industryThis investigation reflects the EU's increasing concern for maintaining fairness in international trade and protecting its regional industry from potential harm caused by unfair competitive practices.In addition to facing anti-dumping duties in the EU, domestic hot-rolled coil products in Vietnam are also competing with low-priced steel imports from abroad. Previously, in July 2024, the Ministry of Industry and Trade issued a decision to initiate an anti-dumping investigation into hot-rolled coil imported from China and India, after observing that such practices were harming local businesses.Currently, the two companies in Vietnam exporting hot-rolled coil are Hoa Phat Group and Formosa Ha Tinh. These are the only two companies in Vietnam that produce and export HRC. According to data from Customs and the Steel Association’s report, in 2023, the combined sales volume of HRC from Hoa Phat and Formosa Ha Tinh reached 6,808,337 tons, with 3,405,633 tons exported, accounting for nearly 50% of Vietnam's total HRC sales. Notably, in the first half of 2024, the sales volume of these two companies reached 3,312,675 tons, with 1,181,649 tons exported, representing almost 40% of their total sales in the first half of 2024.Formosa and Hoa Phat are the two companies exporting hot-rolled coil steel from VietnamFacing the wave of trade protectionism, affected manufacturing and exporting companies, in collaboration with the Vietnam Steel Association (VSA), need to thoroughly review all relevant information and documents. They must fully cooperate with the European Commission (EC) to provide the required information and documentation in the prescribed format and within the deadlines. Regular coordination and information sharing are essential to receive timely support from the Trade Remedies Authority.In the article above, MRS Steel has provided you with information about the situation. Stay tuned to MRS Steel for the latest updates and insights on the global steel industry.

In the first 5 months of 2024, Hoa Phat steel sheet continues to affirm its position in the top 5 domestic steel sheet consumption market share, while promoting export activities. Export output nearly doubled over the same period last year, focusing on European and American markets, making a major contribution to Vietnam's total export production output.In 2023, Hoa Phat's coated steel sales output reached 329,000 tons, of which domestic output was 190,000 tons and export output was 139,000 tons, up 24% and 42% respectively over the same period last year. Exports, including galvanized steel coils, cold galvanized steel sheets and color-coated steel sheets, currently account for 60-70% of Hoa Phat's total color steel sheet production output.Hoa Phat excels in steel, doubling exports to Europe and America in 2024The entire production line is operating effectively, meeting domestic demand and strict technical standards of foreign partners, especially product surface requirements. With diverse and high-quality product lines such as color-coated steel sheets, premium steel sheets, galvanized steel sheets, panel sheets, anti-finger coated white cold-rolled sheets,... Hoa Phat has affirmed its position in the market, fully meeting customer needs.Hoa Phat Steel Sheet Company has been inspected and confirmed its Greenhouse Gas Inventory Report by BSI - the UK's leading international certification organization - according to ISO 14064-1:2018 standards. At the same time, the company was also certified for Carbon Footprint Report on Products according to ISO 14067:2018, creating a premise to meet requirements for exporting goods to fastidious markets such as Europe.Hoa Phat leads with eco-certified steel, ready for the fastidious global marketsHoa Phat is equipped with modern technology lines, imported from G7 countries. Hoa Phat is the only steel plant in Vietnam that owns a closed production chain from iron ore raw materials to final products such as galvanized steel, cold galvanized and painted sheets. This helps Hoa Phat control and ensure stable product quality from input to output. The product quality of Hoa Phat steel sheet, especially in terms of mechanical properties and surface, is highly rated and has become the top choice for many domestic and international customers.Over the years, the company has continuously received large orders from major trading partners and customers from Europe and America. Hoa Phat's galvanized steel products are trusted and used in many housing and factory construction projects in North America, Western Europe and the UK.Hoa Phat's high-quality steel is a top choice globally, from Europe to AmericaHoa Phat is also the first and only corrugated iron manufacturing mill in Vietnam to be self-sufficient in HRC raw materials. This advantage helps the product ensure stable quality at competitive prices. With 100% Vietnamese product origin, Hoa Phat easily achieves tax incentives and anti-dumping in countries with strict origin requirements.MRS Steel is one of Hoa Phat's biggest strategic partners, with a relationship spanning over 10 years, taking Vietnamese steel products to the global stage. At MRS Steel, importers can access Hoa Phat’ s high-quality products at the most favorable prices through our new customer policies. Contact MRS Steel now via Whatsapp: +84 769 112 358 or Email: vanloc@mrssteel.com.vn for the best support.

Hoa Phat is one of 70 Vietnamese enterprises included in the 2024 Fortune Southeast Asia 500 list.On June 18, Fortune magazine announced the ranking of the 500 largest enterprises in Southeast Asia in 2024 based on revenues for the fiscal year 2023. Hoa Phat Group excelled at the 76th position on the list, making it one of 13 Vietnamese companies in the Top 100. This is the first time such a ranking has been conducted to honor companies with impressive growth in the region.Hoa Phat Group is 76th among Southeast Asia’s top enterprises in 2024Hoa Phat is in the top 100 largest companies in Southeast AsiaThis ranking includes 500 companies from 7 countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, Philippines and Cambodia, reviewing over 57 fields including aviation, textiles, chemicals,... Hoa Phat Group ranked 76th, leading among 5 other Vietnamese steel enterprises also on the list, including Hoa Sen Group, Vietnam Steel Corporation, Nam Kim and Ton Dong A.According to Fortune, Hoa Phat's revenue in 2023 reached 4.99 billion USD, with a profit after tax of 287 million USD. In 2023, Hoa Phat recorded 120,355 billion VND in revenue and 6,800 billion VND in profit, of which the steel segment (including iron and steel and steel products) accounts for 94% of revenue and 92% of profit after tax. Notably, Hoa Phat is also in the top 60 countries with the largest crude steel production in the world, with 6.7 million tons. Hoa Phat contributed over VND 9,000 billion to the government budget and was voted Top 1 largest private enterprise and ranked 8th in the Top 10 largest enterprises in Vietnam in 2023. Hoa Phat continues to maintain its leading position in the Vietnamese steel market, achieving VND 31,000 billion in revenue and VND 2,869 billion in post-tax profit in the first quarter of 2024.Hoa Phat leads in Vietnamese steel industry, making major global and local impacts in 2023Hoa Phat holds the No. 1 position in Vietnamese steel industryWith a crude steel capacity of 8.5 million tons/year, Hoa Phat is currently the largest steel producer in Vietnam and Southeast Asia. In 2023, sales volume of HRC steel products was 2.8 million tons, construction steel and high quality steel recorded 3.78 million tons, an increase of 6% compared to 2022. Hoa Phat also holds the No. 1 market share in construction steel and steel pipes, with 34.7% and 28.27% respectively. Coated steel products are also among the top 5 market shares in Vietnam.In the export market, Hoa Phat has exported many steel products to 30 countries and territories across 5 continents. Hoa Phat has invested in the most modern production lines, providing a series of high quality steel grades such as 30MnSi, SWRH82B, SWRH62A, SWRH72A, SWRH82A, SWRH82ACr, DBIC B500B, SWRY11, ER70S-6... Currently, Hoa Phat is the only Vietnamese enterprise that can produce hot rolled coil steel (HRC) and DBIC B500B steel. In mid-2023, Hoa Phat's HRC received CE Marking certification - fully qualified to export to Europe.Hoa Phat dominates with top market shares and global reach in steel productionOver the years, HPG has continuously received many large orders from trading partners and customers at fastidious markets such as Europe and America. A number of large customers, who originally purchased specialized products requiring high quality from the US, have now trusted Hoa Phat as a reputable supplier, replacing domestic sources. MRS Steel is Hoa Phat's strategic partner in exporting Vietnamese steel, providing consulting support and resolving purchasing barriers for importers. If you are interested in learning more about Hoa Phat steel production capacity and products, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 769 112 358.Compliance with strict quality control procedures and origin principles has enhanced the quality and position of Hoa Phat’s products in both domestic and international markets. With the title Fortune Southeast Asia 100, Hoa Phat will continue to build trust with customers.

On June 6, 2024, Hoa Phat Group officially announced the milestone of 10 million tons of hot-rolled coil after more than 4 years since the first hot-rolled coil was born in May 2020.In the article below, we will learn more about this incident with MRS Steel.Hoa Phat's hot-rolled coil output reached 10 million tonsHoa Phat - The first Vietnamese enterprise to produce hot-rolled coilHot-rolled coil is an important industrial steel product, the foundation and input material for many other high-tech manufacturing industries such as automobile manufacturing, shipbuilding, the mechanical engineering industry, household appliances, steel structures, galvanized steel coils, steel pipes, container shells,... Currently, Hoa Phat Group is the only Vietnamese enterprise that can produce hot-rolled coils. In May 2020, the first hot-rolled coil was born at Hoa Phat Dung Quat Steel Joint Stock Company. In August 2022, Hoa Phat Group reached the milestone of 5 million tons of hot-rolled coil and raised it to 10 million tons of hot-rolled coil on June 6, 2024. The output of 10 million tons is a milestone, marking the efforts of Hoa Phat Group staff after 4 years of operation. Currently, Hoa Phat's engineers have completely mastered production technology, creating many different product lines and serving domestic and foreign market needs.With the position of the largest steel manufacturer in Southeast Asia, in recent years Hoa Phat has continuously improved its production lines. With the investment in hot-rolled coil production on a continuous smelting, casting, and rolling line provided by Danieli Group (Italy). In addition, Hoa Phat Group will also operate roll-forming machine No. 3 from November 2022, increasing roll-forming capacity and ensuring redundancy for continuous production. In January 2023, installation and trial run of the F5 rolling rack will be completed, allowing hot-rolled coil thinning from 1.5 to 1.2 mm. Installing a rolling rack has improved product geometry and increased productivity and efficiency when rolling products compared to before.Hoa Phat's hot-rolled coil products are diverse in types such as low carbon steel grades (SAE1006, SAE1008, S235JR, SPHC, SPHD, BJPC, SPHT1), medium carbon steel grades (SS400, S275, S355, SAE1017, SS36, ASTM A36), and the SPAH mark. Hoa Phat Dung Quat Steel Joint Stock Company also provides wide products from 900 to 1524 mm according to the needs of domestic and foreign customers. Production capacity and increasingly diverse product range show that Hoa Phat Group has mastered the hot-rolled coil production line, affirming its position as the largest steel manufacturer in Southeast Asia.Some milestones of Hoa Phat's HRC productHot rolled coil - The future of Vietnam's steel industryCurrently, Hoa Phat's total hot-rolled coil production capacity reaches 3 million tons/year. Currently, Hoa Phat is also implementing the Hoa Phat Dung Quat 2 project with a capacity of 5.6 million tons of high-quality hot-rolled coil/year, thereby increasing Hoa Phat's total hot-rolled coil output to nearly 9 million tons/year. The Hoa Phat Dung Quoc 2 project is expected to come into operation at the end of 2024 and will focus on developing high-quality hot-rolled coil products.Currently, the demand for hot-rolled coil in Vietnam is estimated at 10 - 13 million tons/year, but the maximum domestic hot-rolled coil output is about 8 million tons. With Hoa Phat's construction of the Hoa Phat Dung Quoc 2 project, Vietnam's hot-rolled coil output has increased, limiting dependence on imported steel supply and meeting domestic demand.Thank you for reading, follow MRS Steel to update the latest information about the Vietnamese and world steel industry. If you need to import Hoa Phat hot-rolled steel coils, please contact us here or hotline +84 76 911 2358.

Associated with the development of the business, recently, Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group, decided to invest in three new projects in the Nam Phu Yen Economic Zone with a project scale of over 120,000 billion dong.Currently, Hoa Phat Group is the largest steel manufacturer in Southeast Asia, with more than 30 years of experience. After a period of learning, researching and discussing with the leaders of Phu Yen province, Hoa Phat Group decided to sign a memorandum of understanding to invest in three projects in the South Phu Yen Economic Zone. Projects include: the original beach port; investing in construction and trading in the infrastructure of Hoa Tam Industrial Park; and the Hoa Phat Iron and Steel Complex Project in Hoa Tam Industrial Park. The total expected investment capital is over 120,000 billion VND.Currently, Hoa Phat's production capacity is 8.5 million tons per year. Of which, high-quality steel billets and construction steel are 5.5 million tons and hot-rolled steel coils are 3 million tons per year. Hoa Phat Group is currently leading in Vietnam in terms of market share of construction steel, steel pipes and the top 5 largest coated steel sheet manufacturers. It is also the only Vietnamese enterprise that can produce HRC steel, prestressed steel cables and many other high-quality steel products.Along with that, Hoa Phat Group is also implementing the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project in Quang Ngai, with a design capacity of 5.6 million tons of hot-rolled steel per year. It is expected that when the project is completed in 2025, Hoa Phat's annual crude steel production capacity will reach over 14 million tons, equivalent to the top 30 largest steel enterprises in the world.Regarding the business situation, in 2023, Hoa Phat Group will reach VND 120,355 billion in revenue, down 16% over the same period last year. Profit after tax is 6,800 billion VND, completing 85% of the year plan. Hoa Phat leaders said that in 2023, it will produce 6.7 million tons of crude steel, down 10% compared to 2022. Sales output of HRC steel products, construction steel, high-quality steel and steel billets reached 6.72 million tons, down 7%. In addition to traditional steel product lines, Hoa Phat Group has invested in deep processing, promoting the production of high-quality steel to serve domestic and export needs. The Hoa Phat steel export market has expanded to 39 countries and territories worldwide.Exporting helps Hoa Phat Group diversify consumer markets while contributing to foreign exchange earnings and balancing Vietnam's trade balance. Hoa Phat is still leading the market share in Vietnam in construction steel and steel pipes and is the only Vietnamese enterprise that can produce HRC steel, prestressed steel cables and many types of high-quality steel.With Hoa Phat Group investing in an additional factory in Phu Yen, it will increase the group's output, helping Hoa Phat firmly hold its position as the leading steel manufacturer in Southeast Asia. Besides, it also helps increase the position of Vietnam's steel industry in the world steel market.

Currently, Hoa Phat owns 7 blast furnaces for steelmaking, including 4 furnaces in Dung Quat and 3 furnaces in Hai Duong. With a crude steel production capacity of 8.5 million tons per year, Hoa Phat is currently the leading steel production enterprise in Vietnam.According to information from Hoa Phat Group (HPG), in the fourth quarter of 2023, the group recorded consolidated revenue of VND 34,925 billion, an increase of 33% over the same period. Profit after tax recorded 2,969 billion VND, up 48% over the previous quarter and up 249% over the same period.Specifically, Hoa Phat supplied more than 2.1 million tons of crude steel to the market in the fourth quarter, an increase of 30% compared to the previous quarter. The consumption of construction steel products alone during this period reached 1.2 million tons and HRC reached 813,000 tons.Currently, the optimism of the steel market in the fourth quarter of 2023 has been reflected in Hoa Phat's inventory structure, where the proportion of finished products in inventory decreased to the lowest level since the second quarter of 2022. With consumption output gradually improving, both the value and proportion of raw materials in inventory have increased compared to previous quarters. However, this business said that raw material turnover has not returned to the level of around 3 months like in 2021 but continues to tighten at 2 months (62 days).Hoa Phat's leadership said that although the total steel consumption in 2023 is lower than the previous year, in terms of trend, the group's steel business picture has gradually brightened as output tends to grow over the past year, reaching its best level in the fourth quarter of 2023, recorded in both domestic and export markets. For the construction steel market, according to Hoa Phat, optimistic signals come from policies to remove difficulties and promote public investment, especially in the field of transport infrastructure. Regarding export markets, this business has continued to diversify its consumer markets by expanding to 39 countries and territories worldwide. Export output will continue to increase in 2024.Previously, in October 2023, Hoa Phat stopped operating a blast furnace at Hai Duong Iron and Steel Complex for maintenance and preparation for new production batches in 2024. Recently, Hoa Phat said that since all blast furnaces at all complexes in Dung Quat and Hai Duong have been re-operated, the raw materials needed to prepare for production have therefore also increased accordingly. Currently, Hoa Phat Hai Duong Iron and Steel Complex has 3 furnaces with a total capacity of 2.5 million tons and 4 furnaces at Hoa Phat Dung Quat with a capacity of 5.6 million tons per year.

According to data from the General Department of Customs, iron and steel exports of all kinds in December 2023 increased sharply, reaching more than 1.08 million tons with a value of 707 million USD, an increase of 18.12% in volume and 13.81% in value compared to November 2023; increase 34.4% in volume and 27.7% in value compared to the same period in 2022.According to the Vietnam Steel Association (VSA), in December, construction steel and high-quality steel of all types recorded the highest consumption in the past 20 months. Exports of iron and steel of all kinds in December 2023 also increased sharply, reaching more than 1.08 million tons with a value of 707 million USD. For the whole year 2023, iron and steel exports of all kinds reached nearly 11.13 million tons with a value of 8.35 billion USD, +32.6% in volume and +4.5% in value compared to 2022.In December 2023, the top 10 largest import markets for Vietnamese flat steel were the United States accounting for 14.95%, Italy at 12.4%, Cambodia at 8.7%, Mexico at 7.8%, Malaysia at 6.3%, Indonesia at 5.2%, Colakoglu at 5%, Belgium at 4.9%, India at 4.9% and Spain at 4.1%.Conversely, Vietnam's imports of iron and steel in December 2023 reached 1.17 million tons with a value of 741 million USD, -22.1% in volume and -18.3% in value compared to the previous month; +22.7% in volume and +6.7% in value over the same period in 2022. For the whole year 2023, imports of iron and steel of all kinds will reach 13.3 million tons with a value of 10.43 billion USD, +14.1% in volume but -12.6% in value compared to 2022. One of the businesses with the most positive business results in December 2023 was Hoa Phat Group. HPG produced 648,000 tons of crude steel, an increase of 4% compared to November 2023. The consumption of hot rolled steel coils, construction steel and steel billets reached 760,000 tons, an increase of 7% compared to November and the highest in 2023. For export markets, Hoa Phat exported 113,000 tons of construction steel and high-quality steel to make wire rods and welding rod cores. Main export markets were Canada, Korea, Japan, Singapore, Australia, Sri Lanka,...In addition to high-quality steel, Hoa Phat also exported 103,000 tons of HRC in December 2023. HPG is the group with the largest crude steel capacity in Vietnam and Southeast Asia with 8.5 million tons/year, leading in construction steel market share and among the top 5 largest Vietnamese galvanized steel manufacturers.Entering 2024, Vietnam's steel industry is also recording many positive signs of recovery as both production and consumption show signs of strong growth. For the export market, recovering demand in the EU and US has a positive impact on export output and price of galvanized steel. Export steel prices are expected to increase by 9% in 2024.MRS Steel is a provider of quality, convenient and time-saving Vietnamese steel import solutions. Our team of market analysis, marketing and supply experts provide the latest market and price reports to help importers clearly understand Vietnamese steel industry. If you have any questions or need to import Vietnamese steel, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Hotline: +842836223358 for the most thoughtful support!

In November 2023, both production and consumption in Vietnam's steel industry experienced growth. Specifically, nationwide steel sales reached over 2.5 million tons, marking a 30% increase compared to the same period last year and reaching the highest level since the beginning of the year. Meanwhile, finished steel production reached 2.4 million tons, reflecting a 34.4% increase compared to the same period.The Vietnam Steel Association (VSA) reported an improvement in the consumption of finished steel in the domestic market in November compared to the previous month and the same period last year for most steel manufacturing and trading enterprises. In particular, sales of various steel types reached over 2.5 million tons, up 13% from the previous month and 30% compared to the same period in 2022. The growth in steel consumption has been consistent over several months, signaling a recovery for the steel industry. Meanwhile, the production of finished steel during this period amounted to 2.4 million tons, up 3% from October and 34.4% compared to the same period last year.In the first 11 months of the year, the steel industry produced 25 million tons of finished steel, down by 7.8% compared to the same period last year. Steel consumption reached 23.7 million tons, declining by 5.6% compared to the sales volume in the first 11 months of 2022. Specifically, steel exports during this period amounted to 7.4 million tons, marking a 29% increase compared to the same period.Hoa Phat, a leading enterprise in the steel industry, observed its highest sales volume since the beginning of the year. Specifically, sales of construction steel, hot-rolled coil (HRC) and steel billets reached 709,000 tons, marking a 12% increase from October. Notably, sales of high-quality construction steel by Hoa Phat during this period reached 410,000 tons, indicating a 21% surge compared to the same period last year.The company's representative stated that the domestic steel industry is on the rise due to the beginning of the construction season and is partly driven by policies encouraging the disbursement of public investment capital. According to the assessment by VSA, the sales volume of construction steel has increased, partly due to infrastructure projects such as the North-South expressway and the ongoing development of new airports, which have accelerated progress alongside several other projects.The steel industry has experienced significant price fluctuations in recent months, with steel companies continuously adjusting prices upward from November onwards. According to VSA, the consistent price hikes in steel are primarily due to the rising costs of raw materials used in steel production such as coal, iron ore, scrap steel and hot-rolled coils, showing no signs of slowing down.The selling prices of finished steel have been increasing at a slower pace compared to the rising costs of raw materials. This is one of the difficulties that the steel industry is facing.In the upcoming period, the price of this commodity is forecast to continue rising due to a narrow supply of iron ore, while construction demand is expected to increase. This will be an opportunity for the steel industry and steel stocks in 2024.

After a slight decrease in October 2023, Hoa Phat's consumption of construction steel and high quality steel increased again in November 2023 due to the revival of demand for construction steel and partly from measures to boost the industry1. Hoa Phat's operating situation in NovemberAccording to the business production report for November 2023 from Hoa Phat Corporation, crude steel production output reached 635,000 tons, equivalent to the previous month.Sales output of HRC products, construction steel, high quality steel and billets reached 709,000 tons, up 12% compared to October 2023. For HRC products, consumption in November 2023 recorded 270,000 tons, high quality steel reached 410,000 tons, increasing by 21% compared to October 2023.In addition, in November 2023, Hoa Phat also provided 37,000 tons of galvanized steel sheets and 73,000 tons of steel pipes of all kinds to domestic and foreign markets.Accumulated in the first 11 months of 2023, Hoa Phat produced more than 6 million tons of crude steel, sales volume reached 6.96 million tons. Of which, construction steel and high quality steel reached 3.3. million tons, down 15% compared to November 2022. Export activities of these types of steel contributed 695,000 tons.2. Expectations for global steel recovery in 2024Hoa Phat's steel consumption output in November 2023 recorded growth in the context of the Vietnamese and world steel industry is showing positive signs.According to forecasts of the World Steel Association, global steel demand in 2024 is expected to recover by 1.9% compared to 2023, reaching 1.8 billion tons. In particular, the EU and Indian markets recovered by 5.6% and 7.5%, respectively, compared to the same period. Global steel supply is expected to decrease slightly by 1% due to the impact of China implementing a plan to cut production by 2% in 2024. This also affects global steel prices as it is expected to increase slightly by 3.5% compared to 2023 due to tight supply.China accounts for more than 50% of the world's annual steel production. In the first 9 months of 2023, the country's steel supply increased by 0.9% over the same period thanks to the recovery of blast furnaces in Tangshan. In addition, the Chinese government is also extending production cut measures to support the domestic steel industry's recovery.Furthermore, the Indian steel industry, accounting for 7% of the world steel market share, also recorded a supply growth of over 10% in the context of the country's government increasing investment in infrastructure construction to serve economic development.3. Prediction of Vietnam steel situation in 2024In Vietnam, steel demand is expected to increase strongly again when the real estate market gradually recovers from 2024. In the latest report of MB Securities (MBS), it is forecasted that in 2024, domestic construction steel prices will recover to 15 million VND/ton (up 8% compared to 2023). Coal and ore raw material prices are expected to decrease slightly by 7% and 6% in 2024 due to stable supply and decline in China's demand for crude steel production.For the export market, recovering demand in the EU and US has a positive impact on output and price of exported galvanized steel sheets. Steel export prices are expected to increase by 9% in 2024, helping the gross profit margin of steel export enterprises improve.Above is the latest news about the Vietnamese steel market in general and Hoa Phat Group in particular. For all updated information about the steel industry in Vietnam and the world, readers can find out more details at the MRS Steel website.

Hoa Phat Group, one of the leading steel manufacturing conglomerates in Vietnam, has achieved a significant milestone in their development in both domestic and international markets. Steel export volume has surged, and Hoa Phat has reached its highest sales level in the company's history.Export volumes have increased significantlyIn the context of the volatile and fiercely competitive global steel market, Hoa Phat Group has continuously ramped up its steel export volumes. In recent months, the conglomerate has witnessed impressive growth in exporting steel products to numerous markets worldwide. These efforts have been demonstrated through a substantial increase in export volumes, contributing to the group's revenue and profitability.In particular, for construction steel and high-quality steel products, Hoa Phat Group has supplied 339,000 tons to the market, with export volumes contributing 110,000 tons, marking a 23% increase. This is also the first time in many months that Hoa Phat has received export orders for steel billets in the international market.Hoa Phat Group has achieved its highest sales level in historyThe increase in export volumes has helped Hoa Phat Group achieve its highest sales level in history after several months of stagnation in the steel market. Hoa Phat's efforts in expanding export markets and enhancing product quality have been highly regarded by the international market. This has propelled the conglomerate to reach a record sales level, creating potential development opportunities for the future.Specifically, the sales volume of hot-rolled coil, construction steel, and steel billets reached 635,000 tons, a 7% increase compared to September and the highest level in nearly 1.5 years. Among these, Hoa Phat Group hot-rolled coil accounted for over 273,000 tons, marking a 17% increase compared to the previous month. Additionally, downstream products of hot-rolled coil in October, such as steel pipes and galvanized steel, also increased by 11% and 25% respectively compared to the previous month, reaching 54,000 tons and 26,000 tons, respectively.During the past 10 months, Hoa Phat Group has produced 5.43 million tons of crude steel, a decrease of 18% compared to the same period in 2022. Sales of hot-rolled coil, construction steel, high-quality steel and steel billets reached 5.25 million tons, a 15% decrease compared to the same period. Although the production and business results have declined compared to the previous year, this is a common trend in the steel industry. Hoa Phat Group has shown positive signs of transformation after announcing its business results for the first three quarters of 2023.The increase in export volumes and Hoa Phat Group record sales level is evidence of the conglomerate's commitment to improving product quality and expanding its export market. This is also a shining example of how a steel manufacturing company in Vietnam can achieve success in the fiercely competitive international market.MRS Steel - A Potential Export PartnerMRS Steel is one of the leading potential steel export partners in the Vietnamese market. With a strong reputation and extensive experience in the steel industry, MRS Steel has earned the trust of many international partners and has become a leader in supplying high-quality steel products from Hoa Phat Group to markets worldwide.With a commitment to quality and excellent service, MRS Steel ensures that products reach customers safely and in the most precise condition. Thanks to their flexibility in the supply process, MRS Steel has the capability to provide all steel products from Hoa Phat Group and other steel manufacturers in Vietnam. With outstanding customer service and professional advisory capabilities, MRS Steel is a reliable partner for any company or organization with steel industry needs.