The South East Asia Iron and Steel Institute (SEAISI) has stated that long steel demand in the ASEAN-6 countries in 2022 increased by 2.4 percent to 36.7 million mt, while long steel production rose by one percent to 34 million mt, both year on year. In the given year, the countries’ long steel imports rose by 3.4 percent to 10.7 million mt and exports decreased by 200,000 mt to eight million mt.
Looking at the individual countries, in 2022 Indonesia’s long steel demand grew by 2.2 percent to 7.4 million mt in 2022, while production increased only by 0.5 percent to 6.6 million mt, both compared to 2021. The country’s imports surged by one million mt to 1.6 million mt in the given year, while exports declined to 856,635 mt.
Among the six ASEAN countries, Malaysia’s long steel demand registered the highest growth rate of 21 percent to four million mt in 2022, while its long steel production expanded by 11.5 percent to six million mt. Although more than half of the production went to serve the export market, the country’s exports dropped by around 100,000 mt to 3.5 million mt in 2022, while its imports declined by one percent to 1.5 million mt.
Long steel demand in the Philippines in 2022 continued to increase after the pandemic, by two percent year on year to 6.3 million mt, although it was not as high as expected as a result of rising inflationary pressures and the slower construction sector. The country’s long steel production contacted by 0.7 percent to 4.1 million mt, while its imports rose by 6.8 percent to 2.2 million mt to serve growing demand.
In 2022, Singapore’s long steel demand increased by 7.4 percent year on year to 1.9 million mt. However, the demand was mostly supplied by imports, which increased by nine percent year on year to 3.2 million mt in 2022, while its exports expanded from 506,075 mt in 2021 to 588,547 mt in 2022.
Thailand is the only country in the region that experienced a decline in long steel demand in 2022. The country’s long steel demand dropped by 6.2 percent to 5.9 million mt, due to the slowdown in construction activities as well as destocking activities. The country’s long steel production shrank by 1.5 percent year on year to 4.6 million mt. In 2022, Thailand’s imports dropped by five percent to 2.1 million mt, while its exports increased by 300,000 mt to 860,659 mt, both compared to 2021.
Lastly, Vietnam’s long steel demand recovered from a slowdown in 2021 to register a slight increase of 1.4 percent year on year to 11.2 million mt in 2022, due to the stronger construction industry, especially in the second half of 2022. The country’s long steel production decreased by 1.9 percent year on year to 12.1 million mt. In the given year, its imports remained almost stable with an increase of 0.9 percent to 1.4 million mt, while its exports dropped by 14.2 percent to 2.3 million mt, both year on year.