Philippines to increase steel consumption in line with GDP in 2019

Monday, 22 April 2019 22:49:11 (GMT+3)   |   San Diego
       

Roberto M. Cola, President of the Philippine Iron and Steel Institute, said that steel consumption in the country will likely increase 5-6 percent in 2019 to a record 11.1 million mt. The Philippines increased 9 percent in 2018 to 10.5 million mt.

According to Cola, steel demand will track GDP growth that is presently targeting 6-7 percent in 2019. Domestic steel demand is expected to be supported by the country’s infrastructure program and spending plan.

Cola expressed concern for steel making induction equipment producing products in the Philippines due to substandard output along with safety and environmental concerns. Cole added that it contributes to half of the production in the market and injures local steel manufacturers.

China's HBIS is still in its feasibility study for its $4.4 billion integrated steel plant with the potential for 8 million mt in capacity domestically, therefore, the increased steel demand is expected to continue being satisfied with imports.


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