Vietnam’s Hoa Phat to make First Time Pipe Export to India in March 2019
Hoa Phat Steel Pipe Company Limited (HPSPCL) has announced that it will export around 1,000 tonnes of galvanised steel pipe worth USD 600,000 to India and the shipment is expected to be delivered in March 2019.
The export volume includes 400 tonnes of pipes from company’s Hung Yen and Binh Dong plants and it is for the first time that the company is exporting its products to the Indian market.
HPSPCL targets to diversify its market and India is one of the key markets in the Asian region. The company’s steel pipe products meet strict requirements imposed by foreign countries such as the US, Canada, South Korea, Cambodia, and Myanmar. It also received orders from U.S. and Canada last month.
Hoa Phats’s total steel pipe output in 2018 reached nearly 800,000 tonnes, registering an increase of 15% y-o-y basis out of which, its exports rose by 40% from the previous year to 18,300 tonnes. The company has targeted an export turnover increase of 150 to 200% this year.
In Jan’19, Hoa Phat Group, the nation’s largest steel producer, churned out nearly 250,000 tonnes of construction steel in January, up 27% year-on-year basis. With its first production line put into operation, the Hoa Phat Dung Quat iron and steel production complex in the central province of Quang Ngai manufactured 42,700 tonnes during the year’s initial month. Its second line is scheduled to turn out products at the end of the second quarter.
The group is expected to produce 3.3 million tonnes of construction steel in 2019. According to the group, it shipped 240,000 tonnes of steel abroad in 2018, up 51% against the previous year amid strong demand from U.S., Cambodia, and Malaysia.
source: SteelMint
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