ASEAN steel consumption forecast to rebound in 2024 despite challenges

South East Asian Steel Institute (SEAISI) predicts a 3.7% y-o-y increase in apparent steel consumption for the six major ASEAN countries in 2024 compared to 2023. The consumption is expected to reach 76.5 million tonnes (mnt). This announcement was made by Yow Uy Jin, Secretary-General of SEAISI, at the annual conference held in Da Nang, Vietnam on 13 May.

Consumption by Country Steel consumption in Southeast Asia rose in 2023, with Indonesia leading the way at 18.5 mnt, a 5.5% y-o-y increase from the prior year. Malaysia at 6.7 mnt and the Philippines at 10 mnt also saw growth, up 4.1% and 6% y-o-y respectively. Whereas, Singapore held steady