Posted on 09 Feb 2022
Thailand's steel industry registered growth in consumption, production, imports and exports last year, Kallanish notes. While finished steel consumption rose strongly, the Iron & Steel Institute of Thailand (ISIT) has forecast that steel demand will grow by a more modest increase in 2022.
Last year, Thai finished steel consumption rose by a strong 12.8% y-o-y to 18.64 million tonnes, according to the institute. Consumption of flats rose sharply, by 18.7% to 12.16mt in 2021. Steel production meanwhile rose by 5.6% to 7.64mt. Imports of finished steel rose by 19.1% to 12.4mt and exports increased by 25.6% to 1.39mt.
ISIT forecasts Thailand's domestic demand will rise by an average 4.9% y-o-y in 2022. It projects demand for finished steel will reach 18.9-20.2mt. Downstream steel-using industries, mainly the government construction and automotive sectors, and other industrial sectors, are expected to expand this year and steel demand to recover in both the domestic and international markets.
However, factors which will continue to influence the Thai steel industry this year include the Covid-19 situation in the country, as this has affected demand and supply in industrial sectors. The shortage of semiconductors, which are used in manufacturing, may also affect the sector.
Source:Kallanish
