HPG – Dung Quat 02 becomes the Locomotive
• In Q3/2025, HPG posted revenue of VND 36.4 trillion (-2% YoY, -17% QoQ). Construction steel volume declined sequentially due to seasonal heavy rainfall and storms, particularly in northern Vietnam, yet remained at an elevated absolute level, confirming relatively resilient domestic demand. Most notably, HRC sales reached one of the highest quarterly figures in recent years, confirming full commercial sales from the Dung Quat 2 facility across both phases, with utilization expected to remain solid in the coming quarters.• For Q4/2025, we anticipate a recovery in domestic demand that will support construction steel volumes, driven by accelerating construction activity backed by improving real estate sentiment and ongoing public investment disbursement. More importantly, we expect a sharp rise in HRC sales to 1.65 million tonnes (+38% QoQ), underpinned by the complete operational ramp-up of Dung Quat 2 (with October’s estimated HRC volume of 560,000 tonnes, +18% MoM).
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