Vietnam's Hoa Phat Group announced that it had sold 296,000 tons of hot-rolled coil (HRC) in March this year, up by 24% from February. This was the highest level since the company started supplying HRC to the market in November 2020. The record sales were mainly due to strong domestic demand.

Due to the expensive transportation costs and the impact of the Ukrainian-Russian war, HRC supplies from Russia and India to Vietnam are facing difficulties.

Therefore, Hoa Phat has increased HRC production to supply the domestic market, which will help to reduce Vietnam's dependence on foreign HRC supplies.

In the first quarter of 2022, Hoa Phat supplied 763,000 tons of HRC to domestic and foreign markets, a year-on-year increase of 15%.