How much do you know about the Southeast Asian steel industry?

Recently, with the deepening of economic globalization andthe continuous adjustment of the division of labor in the global industrialchain, the low-cost human resources and other factors in Southeast Asia haveattracted a large number of investments, which has accelerated theindustrialization process in the region and driven the demand for steelproducts.

The economies of Southeast Asian countries started relativelylate, and the economic base was generally weak, especially the development ofthe steel industry lags behind. Recently, with the deepening of economicglobalization and the continuous adjustment of the division of labor in theglobal industrial chain, the low-cost human resources and other factors inSoutheast Asia have attracted a large amount of investment, which hasaccelerated the industrialization process in the region to meet the domesticdemand-oriented construction industry. The rapid development of themanufacturing and processing industries, which are mainly for the export ofexternal demand, has driven the demand for steel products. Among them, thesteel industry in the construction industry accounted for the largestproportion, most of which was above 60%, and Vietnam even reached 93%, whichalso determined that the main consumption of Southeast Asian countries wasmainly long products.

In 2016, the apparent demand for crude steel in six SoutheastAsian countries (Vietnam, Thailand, Indonesia, Malaysia, Philippines,Singapore) was 9024 million, a rate of 11%, of which Vietnam was the fastest,with a speed of 22.3%. However, except for Malaysia and Singapore, the percapita steel consumption of most Southeast Asian countries is still at arelatively low level, especially in Indonesia and the Philippines, where theper capita steel consumption is 60 kg and 110 kg respectively, and the worldaverage level of 220 kg still exists. The gap, which means that Southeast Asiancountries have a lot of room for future consumption.