SEAISI: Steel demand in ASEAN countries forecast to rise, risks remain

Tuesday, 05 October 2021 15:44:25 (GMT+3)   |   Istanbul
       

The South East Asia Iron and Steel Institute (SEAISI) has stated that steel demand in ASEAN countries is predicted to be growing in 2021. Steel demand in Singapore and the Philippines is expected to increase by 50 percent and 26 percent in 2021, respectively, amid the governments’ effort to continue mega projects.

Indonesia’s steel demand is expected to grow by six percent, although the country was facing a high number of daily new infected cases in the first half this year.

Thailand and Malaysia’s steel demand is predicted to increase by 4.7 percent and 3.2 percent, respectively, supported by government infrastructure projects as well as export-oriented sectors.

According to the SEAISI’s statement, apart from the ongoing government mega projects in many countries, a powerful recovery from the lockdown in many countries such as China and European countries could be a good sign for ASEAN countries to enjoy growth in export-related sectors. The stable recovery is expected to continue into 2022. 

Despite the more optimistic situation and predictions for 2021 and 2022 steel demand in ASEAN countries, there are still downside risks such as slow progress in vaccination in some countries and uncertainties regarding the new virus variant.


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