The Bangkok Post reported that Tata Steel Thailand Plc said that steel consumption in Thailand dropped by 14.3% YoY to 2.54 million tonnes in January - February 2022 due to a surge in Covid-19 infections, a shortage of construction workers and weak business sentiment. Tata Steel Thailand Plc CEO Mr Rajiv Mangal said “The Russia-Ukraine war is also feared to affect global steel prices, eventually dealing a further blow to the steel industry. The company remains positive about steel consumption in Thai and global markets, hoping the war will end soon. Between April and May, domestic steel prices are expected to increase, but it's difficult to say how much they will increase, which will be determined mainly by the war situation.”Tata Steel Thailand expects steel consumption in Thailand to stand at 18.5-18.6 million tonnes in 2022, lower than the projection given by the Iron and Steel Institute of Thailand that earlier predicted consumption will grow by 3-4% to 19.5 million tonnes in 2022.Thailand’s economy is expected to improve in the second half of 2022, driven partly by gradual recovery of the tourism industry, but factors like higher inflation caused by the war and supply chain disruptions as a result of measures against Covid-19 in China must be kept under close watch as they may impact conversion costs and demand higher working capital.During the company's 2022 fiscal year, which ended in March, Tata Steel Thailand saw its sales increase to 1.33 million tonnes, up from 1.30 million tonnes in the previous fiscal year.
The Bangkok Post reported that Tata Steel Thailand Plc said that steel consumption in Thailand dropped by 14.3% YoY to 2.54 million tonnes in January - February 2022 due to a surge in Covid-19 infections, a shortage of construction workers and weak business sentiment. Tata Steel Thailand Plc CEO Mr Rajiv Mangal said “The Russia-Ukraine war is also feared to affect global steel prices, eventually dealing a further blow to the steel industry. The company remains positive about steel consumption in Thai and global markets, hoping the war will end soon. Between April and May, domestic steel prices are expected to increase, but it's difficult to say how much they will increase, which will be determined mainly by the war situation.”Tata Steel Thailand expects steel consumption in Thailand to stand at 18.5-18.6 million tonnes in 2022, lower than the projection given by the Iron and Steel Institute of Thailand that earlier predicted consumption will grow by 3-4% to 19.5 million tonnes in 2022.Thailand’s economy is expected to improve in the second half of 2022, driven partly by gradual recovery of the tourism industry, but factors like higher inflation caused by the war and supply chain disruptions as a result of measures against Covid-19 in China must be kept under close watch as they may impact conversion costs and demand higher working capital.During the company's 2022 fiscal year, which ended in March, Tata Steel Thailand saw its sales increase to 1.33 million tonnes, up from 1.30 million tonnes in the previous fiscal year.
