SynopsisFlat steel consumption in the ASEAN-6 region witnessed shifts in 2022, with varying impacts on different countries. While Indonesia saw robust growth driven by its automotive and manufacturing sectors, Malaysia experienced a drop despite increased production. The Philippines depended entirely on imports for its flat steel demand, primarily for construction. Singapore faced a decrease in demand but boosted exports. Thailand's flat steel demand contracted due to de-stocking efforts following a surge in 2021. Vietnam, the largest consumer, faced stagnant demand with decreased production and exports, said SEASIArticle:In 2022, the flat steel consumption landscape in the ASEAN-6 region displayed notable dynamics, influencing various countries differently. Here's an overview of the trends that shaped this sector.Indonesia: The standout performer was Indonesia, where flat steel demand surged by one million tonnes, reaching 9.2 million tonnes in 2022. This growth can be attributed to a booming automotive industry and increased manufacturing activities. Flat steel production also expanded, with a 5% growth rate. Imports swelled by half a million tonnes to 5.7 million tonnes, while exports remained steady at 4.2 million tonnes.Malaysia: Malaysia's flat steel demand experienced a significant dip, declining by 5.4% year-on-year to 3.5 million tonnes in 2022. While production was not substantial, it saw a remarkable 36% year-on-year increase, possibly due to the resumption of hot rolled coil production. Imports and exports both declined by approximately 6-7% year-on-year to 4 million tonnes and 761,870 tonnes, respectively. Interestingly, the negative growth in flat steel demand did not align with the positive growth rate in the manufacturing sector, mainly because the expanding manufacturing sectors were largely non-steel users.Philippines: The Philippines continued to witness an expansion in flat steel demand, which increased by 10% year-on-year to 3.8 million tonnes in 2022. Unlike some other nations in the region, the Philippines doesn't produce flat steel and relies entirely on imports to meet its demand. This imported flat steel primarily serves the construction sector and floating structures.Singapore: Singapore's flat steel demand saw a significant drop of 16.5% year-on-year, decreasing from 719,987 tonnes in 2021 to 601,294 tonnes in 2022. Similar to the Philippines, Singapore doesn't have domestic flat steel production, relying entirely on imports, some of which are subsequently re-exported. While flat steel imports increased modestly by 2.7% year-on-year to 1.3 million tonnes, exports saw a notable uptick, rising by 27.4% year-on-year to 712,122 tonnes in 2022.Thailand: Thailand faced a substantial contraction in flat steel demand, shrinking by 16% year-on-year to 10.2 million tonnes in 2022. Production also decreased by half a million tonnes, reaching 2.5 million tonnes. Import figures dropped by 1.5 million tonnes, and exports declined by nearly 100,000 tonnes to 508,159 tonnes. A significant part of this decline can be attributed to de-stocking activities in 2022, which aimed to address the substantial inventory buildup in 2021, when flat steel demand surged by 2 million tonnes.Vietnam: As the largest consumer of flat steel in the region, Vietnam experienced stagnant growth in demand, remaining at 11 million tonnes in 2022. However, production saw a notable decrease of 15.4% year-on-year, translating to a reduction of around one million tonnes to reach 6 million tonnes. Imports also dropped by nearly one million tonnes, falling below 10 million tonnes, and exports witnessed a significant shrinkage, decreasing by 2 million tonnes to below 5 million tonnes.These trends in flat steel consumption across the ASEAN-6 region reflect the complex interplay of factors influencing each country's steel sector. As industries evolve and regional dynamics shift, these trends provide valuable insights into the steel market's resilience and adaptability.Conclusion:The flat steel landscape in the ASEAN-6 region exhibited diverse trends in 2022, with some countries experiencing growth while others faced declines. These fluctuations were influenced by factors ranging from automotive and manufacturing sectors to inventory management strategies. As the steel industry in this region continues to evolve, monitoring these trends remains essential for stakeholders to make informed decisions in a dynamic market.
SynopsisFlat steel consumption in the ASEAN-6 region witnessed shifts in 2022, with varying impacts on different countries. While Indonesia saw robust growth driven by its automotive and manufacturing sectors, Malaysia experienced a drop despite increased production. The Philippines depended entirely on imports for its flat steel demand, primarily for construction. Singapore faced a decrease in demand but boosted exports. Thailand's flat steel demand contracted due to de-stocking efforts following a surge in 2021. Vietnam, the largest consumer, faced stagnant demand with decreased production and exports, said SEASIArticle:In 2022, the flat steel consumption landscape in the ASEAN-6 region displayed notable dynamics, influencing various countries differently. Here's an overview of the trends that shaped this sector.Indonesia: The standout performer was Indonesia, where flat steel demand surged by one million tonnes, reaching 9.2 million tonnes in 2022. This growth can be attributed to a booming automotive industry and increased manufacturing activities. Flat steel production also expanded, with a 5% growth rate. Imports swelled by half a million tonnes to 5.7 million tonnes, while exports remained steady at 4.2 million tonnes.Malaysia: Malaysia's flat steel demand experienced a significant dip, declining by 5.4% year-on-year to 3.5 million tonnes in 2022. While production was not substantial, it saw a remarkable 36% year-on-year increase, possibly due to the resumption of hot rolled coil production. Imports and exports both declined by approximately 6-7% year-on-year to 4 million tonnes and 761,870 tonnes, respectively. Interestingly, the negative growth in flat steel demand did not align with the positive growth rate in the manufacturing sector, mainly because the expanding manufacturing sectors were largely non-steel users.Philippines: The Philippines continued to witness an expansion in flat steel demand, which increased by 10% year-on-year to 3.8 million tonnes in 2022. Unlike some other nations in the region, the Philippines doesn't produce flat steel and relies entirely on imports to meet its demand. This imported flat steel primarily serves the construction sector and floating structures.Singapore: Singapore's flat steel demand saw a significant drop of 16.5% year-on-year, decreasing from 719,987 tonnes in 2021 to 601,294 tonnes in 2022. Similar to the Philippines, Singapore doesn't have domestic flat steel production, relying entirely on imports, some of which are subsequently re-exported. While flat steel imports increased modestly by 2.7% year-on-year to 1.3 million tonnes, exports saw a notable uptick, rising by 27.4% year-on-year to 712,122 tonnes in 2022.Thailand: Thailand faced a substantial contraction in flat steel demand, shrinking by 16% year-on-year to 10.2 million tonnes in 2022. Production also decreased by half a million tonnes, reaching 2.5 million tonnes. Import figures dropped by 1.5 million tonnes, and exports declined by nearly 100,000 tonnes to 508,159 tonnes. A significant part of this decline can be attributed to de-stocking activities in 2022, which aimed to address the substantial inventory buildup in 2021, when flat steel demand surged by 2 million tonnes.Vietnam: As the largest consumer of flat steel in the region, Vietnam experienced stagnant growth in demand, remaining at 11 million tonnes in 2022. However, production saw a notable decrease of 15.4% year-on-year, translating to a reduction of around one million tonnes to reach 6 million tonnes. Imports also dropped by nearly one million tonnes, falling below 10 million tonnes, and exports witnessed a significant shrinkage, decreasing by 2 million tonnes to below 5 million tonnes.These trends in flat steel consumption across the ASEAN-6 region reflect the complex interplay of factors influencing each country's steel sector. As industries evolve and regional dynamics shift, these trends provide valuable insights into the steel market's resilience and adaptability.Conclusion:The flat steel landscape in the ASEAN-6 region exhibited diverse trends in 2022, with some countries experiencing growth while others faced declines. These fluctuations were influenced by factors ranging from automotive and manufacturing sectors to inventory management strategies. As the steel industry in this region continues to evolve, monitoring these trends remains essential for stakeholders to make informed decisions in a dynamic market.
