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Vietnam's Hoa Phat's steel result and also sales autumn in October in the middle of weak demand

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Vietnam-based steel producer Hoa Phat Team has introduced that it created 567,000 mt of crude steel in October this year, decreasing by 19 percent year on year, while its sales of steel products consisting of building and construction steel, warm rolled coil (HRC) and also billet came to 492,000 mt, down by 42 percent contrasted to the very same month last year. Particularly, building and construction steel sales increased by 45 percent to 210,000 mt, while HRC sales completed 267,000 mt, increasing by 30 percent year on year. The business likewise marketed 57,000 mt of pipes and also 27,000 mt of galvanized steel in October, down by 20 percent as well as 39 percent, respectively, both year on year. Hoa Phat's manufacturing and also sales volume decreased because of weak need. In the January-October period this year, the firm generated 6.6 million mt of crude steel, down by 2 percent, while its steel sales amounted to 6.2 million mt, lowering by three percent, both year on year. Specifically, Hoa Phat's construction steel sales enhanced by 13 percent to 3.6 million mt, while its HRC sales amounted to 2.3 million mt, boosting by nine percent, both year on year. In the initial 10 months, the business offered 634,000 mt of pipelines as well as 276,000 mt of galvanized steel, up by 11 percent as well as down by 13 percent, respectively, both year on year. The company stated that it will change manufacturing as well as sales adaptability according to the movements of domestic and also foreign markets.

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