During the first half of the current year, steel production in the ASEAN countries increased by 9.7 percent to 21.6 million mt, while consumption grew more slowly, by 5.9 percent, reaching 39.17 million mt, both compared to the same period of last year, according to SEASI data shared with SteelOrbis by market sources.
For the whole year, SEASI forecasts a 4.6 percent increase in steel consumption while it is expects a six percent growth in 2020.
Meanwhile, steel imports in the region in the given period increased by 5.6 percent to 25.08 million mt and exports saw an increase for the third consecutive year, amounting to 7.5 million mt, up 16.7 percent, both year on year.
The highest increase in steel consumption in the first half was seen in Vietnam with 22.6 percent, while the highest decrease was in Singapore with 16 percent. SEASI quoted the Vietnam Steel Association which stated that steel demand in the second half of this year might slow down and that total steel consumption in 2019 is likely to grow by six percent year on year.