ASEAN Steel Consumption to Recover by 6% in 2021

  • Monday, June 21, 2021
  • Source:ferro-alloys.com

  • Keywords:ASEAN,steel consuption,Iron
[Fellow]According to a report by South East Asia Iron and Steel Institute, steel consumption in the ASEAN region is going to increase by 6.1% to 74.9 million tonnes in 2021

[Ferro-Alloys.com]According to a report by South East Asia Iron and Steel Institute, steel consumption in the ASEAN region is going to increase by 6.1% to 74.9 million tonnes in 2021 amid improved construction after a sharp drop in 2020 due to the lockdowns and pandemic effects and may return to pre-pandemic level only in 2022. The strongest support will come from Vietnam and Indonesia, where consumption will reach or even exceed the pre pandemic 2019 level already in 2021.

Vietnam - 24.7 million tonnes, up 5.8% YoY
 
Thailand - 17.1 million tonnes, up 4.9% YoY
 
Indonesia - 16 million tonnes, up 6.0% YoY
 
The Philippines – 9 million tonnes, up by 6% YoY
 
Malaysia – 6.1 million tonnes, up 7% YoY
 
Singapore – 2 million tonnes, up 25% YoY
 
Last year, the steel market in the ASEAN region was adapting to the new pandemic situation with the supply chain moving from global to more regional. As a result, in 2020 steel production in the ASEAN region went up by 3.7% to 46.3 million tonnes to support the short fall in imports due to logistics constraints. Net imports fell by 31.9% or as much as 11.4 million tonnes in 2021 to 24.3 million tonnes. This shift to local steel products was mainly seen in the longs segment, while a large part of demand for flats was still served by imports. Moreover, in early 2021 imports of flat steel products from China to the ASEAN region posted a sharp rise, offsetting declines of shipments of other products. For instance, in the first quarter of 2021, HRC imports from China totalled 1.64 million tonnes, up by 208% YoY.
 
source:SteelGuru Business News
  • [Editor:李慧]

Tell Us What You Think

please login!   login   register
  • Buy & Sell

 
Please be logged in to comment!