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Tag: steel

Retail Asia29/08/2023
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Steel prices hit 3-year low

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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 around VND13.53 million per ton. Other companies such as […]
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Retail Asia18/08/2023
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EC launches anti-dumping investigation into Vietnam’s steel

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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 (EUROFER), according to the Trade Remedies Authority under the Ministry of Industry and Trade. The products concerned by the possible […]
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Retail Asia17/07/2023
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Pomina Steel to sell stake to Japanese firm

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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 estimated to fetch Pomina nearly VND702 billion. Nansei Steel […]
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Retail Asia16/06/2023
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Construction steel prices lowest in two months

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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 million per ton since early April. The Vietnam Steel […]
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Retail Asia22/05/2023
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Construction steel sales fall 15% in April

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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 produced, posting the smallest monthly output since 2022, and a year-on-year drop of 37%. […]
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Retail Asia07/04/2023
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Steel prices drop after upward streak

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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 price of wire rod steel price down 1.88% to VND15.66 million per ton. […]
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Retail Asia26/03/2023
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Steel prices surge in face of declining demand

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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 all made similar adjustments, while Pomina’s price tag towered above at VND17.6 […]
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Retail Asia22/02/2023
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Steelmaker Hoa Sen eyes smallest profit in 10 years

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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 export difficulties. According to the first scenario envisioned by Hoa Sen, the […]
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Retail Asia26/01/2023
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Steel giants report huge losses in Q4

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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 construction steel market, reported a nearly VND2 trillion (US$85 million) […]
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Retail Asia23/01/2023
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Steelmaker Hoa Phat reports bigger losses in Q4

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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. Hoa Phat made revenues of VND26 trillion in the fourth quarter, seeing […]
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Retail Asia26/12/2022
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Steel sector sees gloomy performance in 11 months

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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 million tonnes between January and November. According to the report, sales of finished […]
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Retail Asia08/11/2022
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Hoa Phat steel sales fall by 42% in October

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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. Construction steel sales fell by 45% year-on-year to 210,000 tons. Hot-rolled coil steel sales however […]
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Retail Asia02/11/2022
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Steelmakers report biggest-ever losses

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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), the first loss it has reported in 13 years. This is also the third consecutive quarter that its […]
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Retail Asia31/10/2022
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Steelmaker Hoa Phat in the red after 13 years

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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 revenues have declined steadily after peaking in the fourth quarter of […]
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Retail Asia14/07/2022
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Steel prices drop 8th time in a rowd

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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 VND2.4 million ($102.61) since mid-May. Other steelmakers like Viet […]
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Retail Asia03/06/2022
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Steel stocks belie expectations, in deep slump

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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 has dropped by over 27 percent this year as against a 14 percent […]
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