Vietnam Hofa Group’s construction steel still holds a 38% market share in the third quarter

According to data released on the official website of Vietnam's Hofa Group, the group's construction steel S460N Grade D steel production reached nearly 1.1 million tons in the third quarter. Although it decreased by 14% from 1.27 million tons in the previous quarter, the group still holds a 38% market share in Vietnam's construction steel market. The production of hot-rolled coils was 738000 tons, remaining stable and unchanged from the second quarter. According to Hefa Group, due to the challenge of weak domestic and international demand in the Vietnamese steel market in the third quarter, prices have generally fallen and overall production has also been affected.

From cumulative data, in the first nine months of 2024, Hefa Group produced 6.4 million tons of crude steel, an increase of 34% compared to the same period in 2023. The output of finished materials (excluding steel pipes and S460N Grade D steel galvanized steel) reached approximately 6.1 million tons, an increase of 32%. The production of construction steel reached 3.3 million tons, an increase of 29%. The production of hot-rolled coils reached 2.27 million tons, and the production of steel billets reached 505000 tons. The group is currently committed to promoting the Rongju Phase II steel production complex project, which will have an annual production capacity of 5.6 million tons, including 4.6 million tons of hot-rolled coils and 1 million tons of high-quality long materials. According to the current schedule, the first phase is expected to produce the first batch of hot-rolled products before the end of 2024 S460N Grade D steel.