ASEAN steel consumption up 7.8 percent in 2011

The overview of steel consumption patterns compiled by the South East Asia Iron and Steel Institute (SEAISI) reveals that apparent steel consumption in ASEAN (Association of Southeast Asian Nations) countries increased by 7.8 percent year on year to 52.4 million mt in 2011. According to the SEAISI report, total demand in 2011 was still below the pre-crisis level of 207 million mt recorded in 2008.

According to the SEAISI, domestic production in ASEAN countries stagnated at 26 million mt in 2011. The institute said that this could be attributable to the disruptions in production following the floods in Thailand and Vietnam in the fourth quarter of 2011. Import of finished steel products to the ASEAN region surged by 14.3 percent to 34 million mt. Meanwhile, steel exports showed an increase of six percent year on year to 7.8 million mt in the year in question.

Among the ASEAN countries, steel consumption in Singapore, in Philippines and in Indonesia saw double digit growth rates of 43.7 percent, 28 percent and 22.4 percent, respectively.