Demand for Steel in ASEAN Countries Increased 17 Percent Year on Year

According to a report released by the South East Asia Iron and Steel Institute (SEAISI), in the first half of this year, demand for steel in ASEAN (Association of Southeast Asian Nations) countries increased 17 percent year on year. Among these countries, steel demand in Indonesia increased by 35 percent to 7.6 million metric tons, while it was up by 29 percent in Vietnam with 6.2 million metric tons, up by 20 percent in Singapore, increased by 16 percent in Malaysia and was up by one percent in Thailand, all compared to same period of the previous year.

In the first half of this year, ASEAN countries' finished steel imports increased by 14.6 percent year on year to 22.3 million metric tons. Vietnam's imports of finished steel increased by 46 percent to 4.8 million metric tons, while finished steel imports of Malaysia were up 24 percent to 3.2 million metric tons, Singapore's imports of finished steel increased by 20 percent, and the finished steel imports of Philippines and Thailand declined by six and five percent respectively, all on year-on-year basis.

Meanwhile, in the same period finished steel exports in the region declined by five percent year on year. Most countries in the region experienced declines in finished steel exports, except Singapore and Vietnam. However, the increase in the export volume for the two countries was not significant.