The Southeast Asia Iron and Steel Institute sees steel demand rising in 2022 in ASEAN-6 Vietnam, Thailand, Singapore, Philippines, Malaysia, Indonesia. SEAISI Secretary General Mr Yeoh Wee Jin said at SEAISI’s Steel Mega Event & Expo in Subang Jaya that ASEAN-6 steel demand is projected to rise 3.6% to 77.9 million tonnes in 2022 from 75.3 million tonnes in 2021. He outlined following growth prospects for 2022Vietnam - 2.5% YoY to 22.6 million tonnesThailand – 1.6% YoY to 18.8 million tonnesIndonesia - 5% YoY to 16.2 million tonnesPhilippines - 5% YoY to 10.2 million tonnesMalaysia – 7.8% YoY to 7.6 million tonnesSingapore – 0.8% YoY to 2.5 cMr Yeoh cautioned “However, the growth is still subject to significant global risks from high inflation and volatile prices amid slowing demand in China and the region. Overcapacity in ASEAN is nevertheless expected to lead to industry consolidation in the region. Current capacity in ASEAN is about 71.8 million tonnes. The new capacities that we have tracked are roughly about 90.8 million tonnes. With all these capacities coming in, we are looking in the future at 162.6 million tonnes coming up sometime towards 2030.The overcapacity stems from rapid capacity expansion in Indonesia, Vietnam and Malaysia.He said that “Vietnamese mills are shutting down blast furnaces amid weak demand, while more steel capacities are being approved in Malaysia. Malaysian steel demand was at best 10 million tonnes per year, but the current capacity is 16 million tonnes per year and is expected to reach 46 million tonnes per year with the new investments.”
The Southeast Asia Iron and Steel Institute sees steel demand rising in 2022 in ASEAN-6 Vietnam, Thailand, Singapore, Philippines, Malaysia, Indonesia. SEAISI Secretary General Mr Yeoh Wee Jin said at SEAISI’s Steel Mega Event & Expo in Subang Jaya that ASEAN-6 steel demand is projected to rise 3.6% to 77.9 million tonnes in 2022 from 75.3 million tonnes in 2021. He outlined following growth prospects for 2022Vietnam - 2.5% YoY to 22.6 million tonnesThailand – 1.6% YoY to 18.8 million tonnesIndonesia - 5% YoY to 16.2 million tonnesPhilippines - 5% YoY to 10.2 million tonnesMalaysia – 7.8% YoY to 7.6 million tonnesSingapore – 0.8% YoY to 2.5 cMr Yeoh cautioned “However, the growth is still subject to significant global risks from high inflation and volatile prices amid slowing demand in China and the region. Overcapacity in ASEAN is nevertheless expected to lead to industry consolidation in the region. Current capacity in ASEAN is about 71.8 million tonnes. The new capacities that we have tracked are roughly about 90.8 million tonnes. With all these capacities coming in, we are looking in the future at 162.6 million tonnes coming up sometime towards 2030.The overcapacity stems from rapid capacity expansion in Indonesia, Vietnam and Malaysia.He said that “Vietnamese mills are shutting down blast furnaces amid weak demand, while more steel capacities are being approved in Malaysia. Malaysian steel demand was at best 10 million tonnes per year, but the current capacity is 16 million tonnes per year and is expected to reach 46 million tonnes per year with the new investments.”
