MYSTEEL: ASEAN-6's higher steel capacity to spur iron ore demand

Substantial increments will be seen in global iron ore shipments to ASEAN-6 countries at least in the next three years, deriving from steelmakers' growing crude steel capacity through blast furnace-converter steel production, Mysteel predicts in its latest report.

Mysteel sees that the total crude steel capacity among the ASEAN-6 countries - Vietnam, Indonesia, Malaysia, Thailand, the Philippines and Singapore - will reach 140 million tonnes/year in 2026, up by a huge 55.6% from 2023. Specifically, steelmaking capacity through the BF-converter route will increase from 2023's 42 million t/y to