STEEL NEWS

Steel consumption in ASEAN countries will grow by 6.1% in 2021

According to Argus Media, steel consumption in Thailand, Vietnam, the Philippines, Indonesia, Malaysia and Singapore is likely to grow 6.1% year-on-year to 74.9 million tonnes in 2021, said the Southwest Iron and Steel Institute. East Asia (Seaisi) at a virtual conference.

The forecast is in line with Seaisi's November 2020 forecast of 73.3-75.3 million tonnes for the six countries of the Association of Southeast Asian Nations (Asean), or Asean-6. Vietnam and Indonesia are expected to meet or exceed pre-pandemic steel production levels this year.

Steel consumption by ASEAN-6 countries in 2020 amounted to 70.6 million tons, which is 12.1% less than in 2019. And despite the projected recovery, this year's demand forecast is 6.7% lower than 80.3 million tonnes in 2019.