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Hoa Phat reports stronger steel sales in Q1

The Saigon Times

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HCMC – Hoa Phat Group (HOSE: HPG) has reported a surge in steel sales during the first quarter this year, signaling a robust recovery in steel consumption.

The local steelmaker put its March sales at 693,000 tons, up by 34% compared to February and 39% year-on-year.

In January-March, Hoa Phat produced 2.1 million tons of crude steel, up by a staggering 70% over the same period last year.

The company sold 1.85 million tons of steel products, with construction steel and high-quality steel accounting for a considerable proportion. This includes 956,000 tons of construction steel, 805,000 tons of hot-rolled coils (HRC), and 87,000 tons of steel billets.

With a current crude steel capacity of 8.5 million tons per year, Hoa Phat is the largest steel manufacturer in Southeast Asia. The company is actively advancing its expansion plans, notably the construction of the Hoa Phat Dung Quat 2 Integrated Iron and Steel Production Complex in the central province of Quang Ngai, which will have an annual capacity of 5.6 million tons of high-quality HRC.

Upon its completion and commencement of operations in 2025, the Dung Quat 2 project will raise Hoa Phat’s steel production capacity to 14.6 million tons per year, with HRC accounting for 8.6 million tons annually.

As of March 2024, the project was over 50% complete. The steel manufacturer is intensifying its efforts, with the aim of completing initial phases by the end of this year.

HPG edged up by 1.01% to VND29,900 per share today, April 9, with a trading volume of more than 9.8 million shares.

As winners outnumbered losers by 332 to 137, the VN-Index of the Hochiminh Stock Exchange gained 12.47 points, or 1%, reaching 1,262.82 points at the closing bell.

Stock trade dropped by 18% in volume and 16% in value against the previous session, with over 717.4 million shares worth VND17.1 trillion changing hands. Block deals contributed more than 69.2 million shares valued at nearly VND1.7 trillion.

MWG and BID were major market movers today, jumping 5.6% and 3.74% to VND52,800 and VND52,700, respectively. They collectively contributed 3.76 points to the main index.

Other bank stocks also helped the VN-Index rise further, typically MBB and CTG, both advancing over 2%. LPB shot up to its ceiling price of VND18,850 per share, with a matching volume of 0.83 million shares.

Securities stocks also played a role in driving market growth, with VDS emerging as the top gainer with a 6.1% increase, followed by VCI and FTS with respective rises of 3.8% and 4.4%.

VIX inched up by 3.69% to VND19,650, with a trading volume of 27.6 million shares, making it the second most actively traded stock on the southern market. Developer NVL took the lead by liquidity, with 38.2 million shares changing hands

The Hanoi Stock Exchange also made gains, with 111 advancers and 65 decliners. The HNX-Index added 2.28 points, up 0.96% versus the session earlier, reaching 240.36 points. Stock trade on the northern bourse totaled 79.3 million shares worth around VND1.5 trillion.

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