Update of ASEAN Long Steel Demand in 2023

Overall long steel demand in ASEAN-6 shrank moderately, by 1.5 million tonnes to 35.3 million tonnes in 2023. Production declined by 1.2 million tonnes to 32.8 million tonnes. Import continued to surge by a million tonnes to 11.8 million tonnes. Export jumped by a double-digit growth rate of 16.5% to 9.4 million tonnes in the same period.

Indonesia’s long steel was somewhat stable with a growth rate of 1.6% to 7.5 million tonnes. Production surged 2.3% to 6.8 million tonnes. Imports increased by nearly 200k tonnes to 1.8 million tonnes. Exports, at 1.07 million tonnes, was the highest record, which increased 25% y-o-y in 2023. This was due to the increase in wire rod exports.

Malaysia’s long steel demand dropped significantly, by a million tonnes to 3 million tonnes in 2023, lower level after since 2000. Production remained a positive growth rate of 3.7% to 6.2 million tonnes. Imports rose 22.5% to 1.8 million tonnes [what material was imported the most?]. Exports continued to increase and registered the highest record ever at nearly 5 million tonnes, an increase of 1.5 million tonnes in the same year. This was mainly the huge increase in exports of bar and wire rod.

Long steel demand in the Philippines slowed down by 1.9% to 6.2 million tonnes in 2023. Production remained at a growth rate at 1.4% to 4.1 million tonnes. However, imports declined 200k tonnes to 2 million tonnes. There is no export from the country. This could be because both public and private sector demand for construction has not yet improved although government’s spending to serve its Build Better and More project.

Singapore’s long steel continued to increase consecutively for the third year, at 30.4% to 2.5 million tonnes. This was due mainly to the backlog due to the pandemic. However, the huge increase in long steel demand was served mainly by imports, of which its volume increased by more than half a million tonnes to 2.6 million tonnes in 2023 [is it 2.5 million or 2.6 million?]. Production shrank 100k tonnes while exports shrank 1.8%.

Long steel demand in Thailand stagnated with a slight increase of only 1% to nearly 6 million tonnes in 2023. Production dropped 1.7% to 4.6 million tonnes. Imports surged 200k tonnes to 2.3 million tonnes. Exports increased 4.8% to 902k tonnes.

Vietnam’s construction activities have slowed down in 2023. Real estate crisis, rising construction materials prices, higher debt taken by builders and continued dampened demand since pandemic have resulted in the downfall of hundreds of construction firms. This has an impact to domestic steel demand. The long steel demand dropped more than a million tonnes to 10.1 million tonnes in 2023. However, section demand showed a double-digit growth rate of 11% to 418k tonnes. Long steel import shrank 4.9% to 1.3 million tonnes. Export dropped 400k tonnes to 1.8 million tonnes in the same year.

Remark: The report is extracted from 2024 SEAISI Statistical Yearbook

Source:SEAISI