Thailand may import steel depending on domestic prices

Thailand may import steel depending on domestic prices

In a recent statement, Thailand Prime Minister announced that steel imports may be allowed if domestic steel prices exceed international prices. The statement of the Prime Minister has just come after news in the market, claiming that Japanese companies may transport their production bases out of Thailand due to concerns about raw material availability and rising prices. As reported by SteelOrbis in mid September, Thailand extended antidumping duties on hot rolled steel products imported from fourteen countries. The action was expected to increase prices in Thai market. Prime Minister stated that steel prices should be kept in line with international prices otherwise tariffs on steel-rod imports would be lifted. According to the statistics, steel prices in Thailand have increased by 60% since the beginning of the year. Prices of steel rod and steel sheet have increased from Baht 15'247/t ($367/t) and Baht 18'500/t ($445/t) to Baht 24'500/t ($589/t) and Baht 26'500/t ($637/t) respectively. The Thai Cabinet discussed ways of reducing prices yesterday. It is stated that Thai Cabinet may take certain measures.