Posted on 13 May 2022
According to statistics from the Iron and Steel Institute of Thailand (ISIT), both consumption and production of finished products fell sharply in the first quarter of this year.
From January to March, the overall steel consumption decreased by 17.8% year on year, and the consumption of each steel product decreased. The production in the first quarter decreased by 15.4% year on year to 1.89 million tons.
Economic activity in Thailand may have slowed during the same period, as the country has been affected by COVID-19. Manufacturing works in the first quarter were weaker than those in the fourth quarter of last year.
Insufficient demand for steel, delays in large construction projects, and lack of workforce were the main reasons for the reduction in steel consumption.
Source:Yieh
