ASEAN steel demand in 2010 exceeds pre-crisis level

Preliminary figures compiled by the South East Asia Iron and Steel Institute (SEAISI) reveal that apparent steel consumption in ASEAN (Association of Southeast Asian Nations) countries increased by 14 percent year on year to 47.3 million mt, exceeding the pre-crisis level of 2008 (46 million mt). Major companies in the ASEAN region expect that steel demand will continue to grow, averaging 13 percent to reach 53.5 million mt in 2011.
 
In 2010, steel production in the ASEAN region rose by six percent to nearly 26 million mt, while steel imports increased by 25 percent to nearly 30 million mt. Steel exports amounted to almost 8 million mt, an increase of 26 percent year on year.
 
Thailand's steel consumption in 2010 was buoyant, registering the highest growth rate in the region, increasing by 30 percent to 14 million mt and exceeding the pre-crisis level of 2008. Likewise, Indonesia's steel consumption, at 9.4 million mt with an increase of 27 percent year on year, was the second highest in the region. Steel demand in Malaysia and the Philippines increased moderately by seven percent year on year to 7.1 million mt and 3.8 million mt, respectively. Vietnam, on the other hand, experienced a slight decline of two percent year on year to 10.28 million mt. Singapore's steel consumption in 2010 did not reflect the country's strong economic growth, declining by six percent year on year to 2.64 million mt.
 
Considering the 25 percent overall growth in steel imports in the ASEAN region, SEAISI noted the significant increases in 2010 imports in Thailand - up 60 percent to eight million mt, in the Philippines - up 14 percent to 1.8 million mt, and in Malaysia - up 11 percent to four million mt.