[Hoa Phat's August molten iron output hits 1 million tonnes, Q3 profit may fall 12%]

Published: Sep 25, 2026 10:21 (GMT+8)

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Hoa Phat, Vietnam's largest steelmaker, produced 1 million tonnes of molten iron at its Dung Quat complex in August 2026, up 2% m-o-m and nearly 65% y-o-y, a year after its six blast furnaces ran in sync. Dung Quat 2 lifted Q2 HRC sales to 1.9 million tonnes, up 31% q-o-q and 64% y-o-y. MBS sees Q3 output at 4.1 million tonnes, with 2.1 million tonnes of HRC. Yet Q3 revenue is seen at 2.13 billion USD, flat on Q2, and net profit down about 12% to 215.45 million USD, as Q2 gross margin of 19.01% may fall to around 17%: HRC prices eased about 6% in Q3 while coking coal rose 17% y-o-y. Coking coal stood at 276 USD/tonne on September 8 and 263 USD/tonne on September 21, still 12.15% above a month earlier. Raw material inventories of 973 million USD at end-June will delay cost pass-through. Hoa Phat is also building a 384.73 million USD rail and special steel plant, with first output due in Q1 2027.

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