According to revised figures, the South East Asia Iron and Steel Institute (SEAISI) has announced that apparent steel consumption in the ASEAN region reached 216 million mt in 2014, an increase of 4.5 percent year on year. In 2014, the region’s steel demand continued to grow at a slower rate of 4.4 percent to 65.9 million mt, while its domestic supply showed an increase of 8.0 percent to 27.5 million mt, year on year. The ASEAN region’s steel imports and exports grew by 3.4 percent and 10 percent respectively to 46.4 million mt and 8 million mt in 2014, compared to 2013.
According to the announcement, in 2014 Australia's apparent steel consumption grew by 4.9 percent year on year, while the country’s steel demand totaled 6.3 million mt. The increase in demand was supported by imports and exports, which increased by 28 percent and two percent to 2.8 million mt and 594,000 mt respectively in 2014, while domestic production declined by seven percent to 4.1 million mt, all year on year.
In 2014, Japan’s steel demand continued to increase, rising by four percent to 68.3 million mt, and domestic production increased by one percent to 97.9 million mt, year on year. The country’s steel imports surged by 25 percent to almost 6 million mt, while its steel exports declined by 1.5 percent to 35.6 million mt, both compared to the previous year.
Meanwhile, in the given year, Taiwan’s steel consumption rose by 3.7 percent to 18.8 million mt and domestic production grew by a moderate 2.5 percent to 25.4 million mt, year on year. The country’s steel imports increased by 5.2 percent to 4.3 million mt, while steel exports rose by 4.5 percent to 11 million mt, both year on year.
Meanwhile, in the year in question, South Korea’s steel demand amounted to 57 million mt, compared to demand of 53.5 million mt recorded in the previous year. Domestic production rose by 6.8 percent to 25.5 million, while steel imports and exports increased significantly by 16.5 percent and 13.2 percent to 18.6 million mt and 30 million mt, respectively, both on year-on-year basis.