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Tuesday, May 24, 2022

Hoa Phat to export 35,000 tons of HRC steel to Italy

The Saigon Times

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HCMC – Steelmaker Hoa Phat Group (HPG) will export 35,000 tons of hot rolled coil (HRC) steel to Italy in the middle of this month. This is the group’s first order of the year to Europe.

Hoa Phat Dung Quat Steel JSC, a subsidiary of HPG, signed a contract for the steel export early this month. The batch was expected to be shipped to Italy on February 15-20.

Hoa Phat’s HRC steel is produced on a modern European continuous-rolling casting line, meeting strict standards such as ASTM, JIS and GB/T. The steel is used to produce steel pipes, roofing sheets and container shells.

In 2021, HPG supplied to the market more than 2.6 million tons of HRC steel, including some 30,000 tons for export. The group has prioritized the local market as Vietnam has been facing a shortage of millions of tons of HRC steel per year.

With a record profit of VND34.52 trillion last year, the group contributed VND12.4 trillion to the State budget, surging 70% over 2020.

HPG wants to expand its steel production by conducting the Hoa Phat Dung Quat 2 Steel Integrated Complex project which will focus on producing HRC steel. When in place, the complex, with a capacity of 5.6 million tons a year, will help raise HPG’s annual steel production capacity to 14 million tons.

HPG closed the session today up 5.81% at VND45,550, its intra-day high, contributing 2.84 points to the main index.

Besides HPG, other steel stocks, such as HSG, NKG, TLH and POM, reached their daily ceiling prices.

Bank stocks also supported the VN-Index’s rise as many of them increased and saw eight-20 million shares transacted each.

With winning stocks outnumbering losing ones by 282 to 169 today, the VN-Index of the Hochiminh Stock Exchange added 3.33 points, or 0.22%, at 1,500.29 points.

Nearly 735 million shares worth some VND22.6 trillion changed hands on the southern bourse, up 27% in volume and 25% in value compared with the previous session. More than 37.5 million shares valued at over VND1.4 trillion were traded in block deals.

Meanwhile, the HNX-Index fell 1.44 points, or 0.34%, to close at 417.89 points. Some 73.55 million shares worth over VND1.9 trillion were transacted.

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