Southeast Asian steel industry expanding, along with high demand for iron ore
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Update time : 2023-07-26 16:48:11
In recent years, the cost of human resources in Southeast Asian countries has been competitive, so these countries have attracted lots of investment. Accelerated industrialization makes the steel industry grow.
According to the statistics, in 2022, the crude steel capacity of six countries of the Association of Southeast Asian Nations (ASEAN), including Vietnam, Malaysia, Indonesia, Thailand, the Philippines, and Singapore, was 77 million tons. Among them, the electric arc furnace (EAF) and basic oxygen furnace (BOF) accounted for 41 million tons and 36 million tons, respectively. Entering 2023, the crude steel capacity of the ASEAN countries is expected to reach 90 million tons, soaring by 164.7% compared to 2011.
Currently, the ASEAN countries still highly rely on the international raw material market. In the next three years, the BOF’s capacity of these countries is forecasted to increase by 47 million tons, which means the iron ore demand will hike.
