ASEAN-6 consumed 37 million t of longs in 2022
Among the six countries, long steel demand in Malaysia registered the highest on-year rise of 21% at 4 million tonnes in 2022, while the country's longs production also jumped by 11.5% to 6 million tonnes last year, the data showed. More than half of the output was exported, the SEAISI report noted.
Long steel demand in Singapore also climbed higher in 2022, up by 7.4% on year to reach 1.9 million tonnes. Notably, the demand was mostly met by imports, which increased by 9% on year to 3.2 million tonnes, the report said.
Meanwhile, during last year Indonesia and the Philippines both saw on-year gains in their long steel demand, with demand in the former climbing by 2.2% to 7.4 million tonnes and that in the latter rising by 2% to reach 6.3 million tonnes.
However, the growth rate in the Philippines fell short of predictions due to the country's weaker-than-expected expansion of infrastructure where progress on public works suffered from rising inflation and other factors, SEAISI explained.
In parallel, Vietnam experienced slight on-year growth of 1.4% in long steel demand, with the country's consumption registering 11.2 million tonnes in 2022, the report pointed out. Vietnam's construction industry grew by 5.59% in last year's first six months, above the 4.54% growth rate for the same period in 2020, according to a report by Hanoi-based Viettonkin Consulting.
In contrast, Thailand was the only country among the six to experience a decline in long steel demand in 2022, with its total demand falling by 6.2% on year to 5.9 million tonnes. The slowdown in construction activity and destocking in 2022 were behind the decline, SEAISI noted.
In 2022, the ASEAN-6 produced a total of 34 million tonnes of long steel, up by 1% on year. During the same period, their imports of longs rose by 3.4% on year to 10.7 million tonnes, while exports declined 2.4% on year to 8 million tonnes, according to the report.
Long steel demand for ASEAN-6 in 2022 |
||
Country |
(mln t) |
YoY |
Vietnam |
11.2 |
1.4% |
Indonesia |
7.4 |
2.2% |
The Philippines |
6.3 |
2% |
Thailand |
5.9 |
-6.2% |
Malaysia |
4 |
21% |
Singapore |
1.9 |
7.4% |
Total |
36.7 |
2.4% |
Source: SEAISI
Written by Carly Chen, chenziyi@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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