FTI Predicts 4% Surge in Local Steel Demand

The domestic steel demand in the country is expected to top 18.9 million tonnes, this year.

SEATTLE (Scrap Monster): The Federation of Thai Industries (FTI) foresees 3-4% growth in domestic steel demand in 2020, primarily due to increased demand from automotive and construction sectors. The domestic steel demand in the country is expected to top 18.9 million tonnes, this year.

According to FTI, the automotive industry is likely to recover in 2020, with sales expected to pick up. It must be noted that a resilient Thai baht had resulted in reduced exports during the previous year. The government’s ongoing push for infrastructure projects will lift the steel demand from construction sector. On an average, Thailand’s construction sector steel demand comes to around 10 million tonnes. However, the newly announced infrastructure projects in the Eastern Economic Corridor (EEC) is likely to add significantly to 2020 steel demand, noted FTI.

ALSO READ: Government Agency Forecasts Notable Decline in Chinese Steel Demand and Output

The FTI urged the Thai government to extend support to local steelmakers by ensuring exclusive use of locally made steel in government’s EEC projects. It noted that several factor had negatively impacted the domestic steel industry in 2019. The government’s delay in investing in infrastructure projects and lack of new construction activity contributed to reduced steel demand. Also, the increased volume of imports from other countries, especially from Vietnam and China, impacted local steel demand.

• Topsham Scrap Metal Company Fined $42,000 After Alleged Clean Air Act Violation
• Alaska’s Top Court Reviews Permits for Donlin Gold Mine
• Michigan EGLE Awards $1 Million in Brownfield Funding for Redevelopment of Two Landfills
• November 14, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index