The pandemic caused problems for Thailand's manufacturing sector in 2021, including a labor shortage, new social distancing measures for construction projects as well as longer construction periods. The Bangkok Post reported that the Iron and Steel Institute of Thailand expects Thailand’s steel market to expand at least 5% in 2022 and has called for more government collaboration. Iron and Steel Institute of Thailand Chairman Mr Nava Chantanasurakon has predicted Thai steel demand expanding at least 5% year-on-year in 2022, due to a rebound in exports and services, which serve as the backbone of the manufacturing sector and is integrated into the government's plan for a circular economy.Iron and Steel Institute of Thailand President Mr Wirote Rotewatanacha has reported a 15% year-on-year increase in steel consumption to 17.3 million tonnes in the first 11 months of 2021, with 22% increase in flat steel consumption and a 4% uptick in long steel. However, in terms of expansion the steel import rate of 20.9% is higher than the country's manufactured rate of 8.3%.To rectify the issue, Iron and Steel Institute of Thailand is working on a 4.0 steel development plan with the National Innovation Agency and other associations. This plan aims to deliver government assistance to domestic steel producers, placing a heavy emphasis on public-private partnerships, steel purchasing contracts with the government, public relief assistance programs and measures to avoid a steel glut.
The pandemic caused problems for Thailand's manufacturing sector in 2021, including a labor shortage, new social distancing measures for construction projects as well as longer construction periods. The Bangkok Post reported that the Iron and Steel Institute of Thailand expects Thailand’s steel market to expand at least 5% in 2022 and has called for more government collaboration. Iron and Steel Institute of Thailand Chairman Mr Nava Chantanasurakon has predicted Thai steel demand expanding at least 5% year-on-year in 2022, due to a rebound in exports and services, which serve as the backbone of the manufacturing sector and is integrated into the government's plan for a circular economy.Iron and Steel Institute of Thailand President Mr Wirote Rotewatanacha has reported a 15% year-on-year increase in steel consumption to 17.3 million tonnes in the first 11 months of 2021, with 22% increase in flat steel consumption and a 4% uptick in long steel. However, in terms of expansion the steel import rate of 20.9% is higher than the country's manufactured rate of 8.3%.To rectify the issue, Iron and Steel Institute of Thailand is working on a 4.0 steel development plan with the National Innovation Agency and other associations. This plan aims to deliver government assistance to domestic steel producers, placing a heavy emphasis on public-private partnerships, steel purchasing contracts with the government, public relief assistance programs and measures to avoid a steel glut.
