The South East Asia Iron and Steel Institute (SEAISI) has stated that long steel imports into the ASEAN-6 countries in 2023 amounted to 11.8 million mt, increasing by 10.4 percent year on year, due to a recovery in construction activities in some countries, while long steel exports rose by 16.5 percent year on year to 9.4 million mt. Singapore’s long steel imports posted the highest growth rate. In the meantime, the ASEAN region’s long steel capacity allows some countries, especially Indonesia and Malaysia, to export a bulk of long steel to China and other ASEAN countries.
Looking at the countries individually, Indonesia’s long steel imports increased by 11.4 percent year on year to 1.8 million mt last year, while its long steel exports rose by 200,000 mt to 1.07 million mt in 2023. Malaysia’s long steel imports rose by 22.5 percent to 1.8 million mt in 2023, while its long steel exports increased by 44 percent to five million mt.
Philippines is the only country in the region that does not export long steel products. The country’s long steel imports declined by 1.8 percent to two million mt in 2023, in line with a slowdown in construction activities in the country.
Singapore’s long steel needs increased significantly due to a recovery in construction activities. Therefore, its long steel imports surged by 34 percent to 2.6 million mt in 2023. In addition, the country’s long steel exports totaled 578,000 mt, down by 1.8 percent year on year.
In 2023, Thailand imported 2.3 million mt of long steel, up by 8.7 percent, while it exported 902,000 mt of long steel, increasing by 4.8 percent, both year on year. Meanwhile, in the given year Vietnam’s long steel imports decreased by 4.9 percent to 1.3 million mt, while its long steel exports amounted to 1.8 million mt, down by more than 400,000 mt.
