The South East Asia Iron and Steel Institute (SEAISI) has shared the ASEAN-6 countries’ flat steel demand data for 2021.
In the given year, the ASEAN-6 countries’ flat steel demand increased by seven percent year on year to nearly 40 million mt. The increase was higher when compared to the growth rate for long steel demand in the countries. In 2021, the ASEAN-6 countries’ flat steel production surged by around four million mt. The countries’ flat steel imports recovered by seven percent year on year to 35 million mt in the given year, while flat steel exports increased nearly by four percent to 13 million mt.
Almost all the ASEAN-6 countries experienced double-digit growth rates in flat steel demand in 2021. Looking at the countries individually, in 2021 Singapore’s flat steel demand rose by 37 percent year on year to above the pre-pandemic level.
Flat steel demand in Thailand increased by 21 percent year on year in 2021 on the back of the automotive industry’s recovery, while huge infrastructure projects boosted flat steel demand in the Philippines to grow at 17 percent compared to 2020.
Flat steel demand in Malaysia increased by 13.5 percent in 2021 and is expected to record a double-digit growth rate in 2022. Indonesia’s flat steel demand in the given year rose by six percent due to increased vehicle production.
Vietnam is the only country in the region that recorded a decrease in flat steel demand. In 2021, flat steel demand in Vietnam fell by 9.5 percent, though domestic flat steel production increased by almost three million mt, mainly to serve export markets. Flat steel demand in the country is expected to increase in the coming years to serve growing infrastructure developments.