Vietnamese steelmaker Hoa Phat Group inaugurated April 18 a new steel pipe plant in Tay Ninh province, expanding the company’s steel pipe production capacity to 1.2 million metric tons/year.

Hoa Phat said it invested over Dong 2 trillion ($76 million) in the Hoa Phat Long An steel pipe factory, which has a capacity of 400,000 mt/year and utilizes a modern production line.

The plant produces black steel pipes, galvanized steel pipes, hot-dip galvanized steel pipes, galvanized steel coils, and extra large size steel pipes for the construction sector.

The new factory allows Hoa Phat to meet growing demand from the domestic and export markets, the company said.

A 10-megawatt solar power system supplies over 50% of the plant’s electricity needs, Hoa Phat added

Platts, part of S&P Global Energy, assessed SAE1006 grade hot-rolled coil at $580/metric ton CFR Southeast Asia on April 20, increasing $4/mt from April 17 and up $25/mt from April 13.