ASEAN steel demand up four percent in 2011

Tuesday, 10 April 2012 16:21:30 (GMT+3)   |  
       

The 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 four percent year on year to 50.5 million mt. In 2010, the SEAISI had forecast that steel demand of major companies in the ASEAN region would reach 53.5 million mt in 2011.

Singapore's steel consumption surged significantly in 2011, registering the highest growth rate in the region, increasing by more than 1 million mt to 3.8 million mt. Surprisingly, Thailand's steel consumption increased by three percent year on year amidst the severe flood situation and the economic slowdown in the country. Steel consumption in Indonesia and Philippines rose by eight percent to 9.7 million mt and 4.3 million mt in 2011, respectively. On the other hand, Malaysia and Vietnam both experienced declines in steel demand. Malaysia's steel consumption of 8.05 million mt in 2011 resulted from a year-on-year decline of 3.2 percent, while Vietnam's tight monetary and fiscal policies slowed down its domestic steel demand to 10 million mt, recording a year-on-year decline of 5.4 percent.

Flat product demand in ASEAN countries increased by four percent year on year in 2011 to 27 million mt. However, the demand was mainly served by imports. Import of flat steel products in the ASEAN region was estimated to have risen by eight percent year on year to 25 million mt in 2011. Meanwhile, domestic output dropped by 1.7 percent year on year to 7.5 million mt.

The SEAISI noted that flat steel demand picked up significantly in Indonesia and Singapore, while the long steel markets in most of the countries in the region were rather subdued, except for SingaporeSingapore's long steel demand picked up significantly by almost 1 million mt in 2011 as compared to 2010. NatSteel Holdings, the only long steel producer in Singapore, expanded its production by 4.7 percent year on year, but this was still insufficient to meet local demand.


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