Stainless steel demand in Thailand to increase in 2004

Stainless steel demand in Thailand to increase in 2004

According to recent reports from the industry, the domestic stainless steel demand in Thailand is expected to track high levels in 2004 due to ongoing economic development. Forecasts show that the stainless steel demand is expected to increase by 1020% next year, whereas prospective increase in total consumption of stainless steel this year is 18% over last year, accounting to 134'000 tons. It is stated that rise in stainless steel consumption is very much in relation with economic growth, besides annual consumption in Thailand is pretty low when compared with developed countries, such as 1.5-1.8 kg per capita. In Japan and Taiwan this figure is 20 kg. So, in order to prompt stainless steel consumption, the Thai Stainless Steel Development Association decided to execute two strategies; training steel producers and developing new products using stainless steel as raw material. The domestic stainless steel market in Thailand, accounts for 15% of the overall steel market and is estimated as Baht 12-15 billion (around $302-377 million).