The South East Asia Iron and Steel Institute (SEAISI) has published a statement regarding the steel demand forecast and capacity buildup in ASEAN-6 countries.
Accordingly, SEAISI forecasts that the ASEAN-6 countries’ steel demand will reach about 78 million mt in 2024 and 80 million mt in 2025. With the large-scale steel projects under construction or being proposed, the institute estimates that total capacity in the region will reach 184.5 million mt by 2029-2030.
In addition, more investments are coming into ASEAN in the form of blast furnaces, meaning the ASEAN steel industry is going to become more carbon-intensive if ASEAN governments continue to encourage such investments without carbon capture, utilization and storage systems. By 2028, blast furnaces-basic oxygen furnaces will account for 59 percent of regional steelmaking, accelerating the ASEAN steel industry’s emissions, with emissions from BFs/BOFs reaching 84 percent of total emissions.