Hoa Phat Chairman Tran Dinh Long Net Worth Expected to Double to $5 Billion as Steel Business Booms
Vietnam's richest man Trần Đình Long, Chairman of Hoà Phát Group, is on track to see his net worth double to $5 billion as the steel tycoon's flagship company benefits from a resurgence in the industry.
Steel prices in downward spiral
HCMC – Construction steel prices in Vietnam have continued to fall as demand has remained weak. Hoa Phat Group, which holds a 40% share of the nation’s construction steel market, now quotes rebar D10 CB300 at VND14.69 million per ton and rolled steel CB240 at VND14.49 million per ton, both down by
Demand for construction steel remains low
HCMC – Despite falling prices, sales of made-in-Vietnam construction steel posted a double-digit slump in April, the second lowest since 2022. Data from the Vietnam Steel Association showed that construction steel sales in April dropped 17% versus March and 15% against the same period last year,
Steel prices inch down
HCMC – Weak demand has driven down steel prices, which now range from VND15.6 million to VND15.9 million per ton. Local steelmaker Hoa Phat Group, which holds a 40% share of the nation’s construction steel market, now quotes its rebar D10 CB300 at VND15.89 million per ton and rolled steel CB240 at
Hoa Phat to ship first batch of long steel to Europe
HCMC – Steelmaker Hoa Phat Group has cut a deal to export 10,000 tons of steel wire rods to Europe, marking the firm’s first shipment of long steel products to the market. The shipment is scheduled for February next year, the local media reported. A representative of Hoa Phat Hung Yen Steel
Steel sales plunge to two-year low
HCMC – Vietnam’s steel sales in October slid to a two-year low amid the woes faced by the real estate industry. The country’s steel production topped two million tons in October, down 16% month-on-month and 29% year-on-year, while sales stood at around 1.9 million tons, a decline of 29% over the
Steel industry woes may last until mid-2023
HCMC – Steel output and consumption have plunged in recent months, and the situation is predicted to linger until the second quarter of next year. The Vietnam Steel Association said in its latest report that output of finished steel products in October had slid 16.38% month-on-month and 28.7%