Vietnam Shuts Down Blast Furnaces Amid Supply Glut

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November 18, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Vietnam's largest steelmaker, Hoa Phat Dung Quat Steel Joint Stock Company (Dung Quat Economic Zone, Binh Dong Commune, Binh Son District, Quang Ngai Province), has temporarily shut down two of its blast furnaces in northern Vietnam and plans to shut down three more in the coming months.

A glut in the local steel market has pressured Hoa Phat Dung Quat Steel Joint Stock Company, Hoa Phat Group's steel-producing subsidiary, to reduce iron-making production and mothball two of its 500,000 ton-per-year blast furnaces inside the Kinh Mon Hoa Phat Integrated Steel Mill Complex. Hoa Phat Dung Quat Steel Joint Stock Company also plans to stop operations at two of its blast furnaces inside the Dung Quat Integrated Steel Mill Complex by the end of the year if low steel prices and demand persist. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for related plant profiles.

Formosa Ha Tinh Steel Corporation, the second-largest steelmaker in the country, already has reduced its production capacity this year by 15% and is likely to decrease that amount even more as the steel market surplus in Vietnam is expected to last until 2023.

Industrial Info is tracking 73 active steel mill capital projects in Vietnam, worth nearly US$20 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed project reports.

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