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Thailand appeals to the country's new government for support in metallurgy

The Iron and Steel Institute of Thailand (ISIT) has called on the new cabinet to take action to support the country's steel industry.

Thailand appeals to the country's new government for support in metallurgy

The Iron and Steel Institute of Thailand (ISIT) has called on the new cabinet to take action to support the country's steel industry. According to Bangkok Post, work will begin at the end of September 2023. ISIT CEO Somsak Liswadtrakul called for support, saying that only the authorities can solve the current problems of the sector.
According to the organization, in the first quarter of 2023, Thai enterprises produced only 3.3 million tons of steel. According to ISIT, the capacity of domestic enterprises reaches 22 million tons annually.
Thailand's imports of steel products increased by 5.7% in the first quarter of 2023 compared to the same period in 2022, reaching 5.8 million tons. Imports account for 63% of all steel consumed in Thailand's domestic market. This is the highest value among ASEAN (Association of Southeast Asian Nations) countries. According to the association, on average each country imports 22% of the total volume of steel consumed in the domestic market.
According to ISIT CEO, such a strong dependence on imports is largely due to the high volatility in the global steel market. Somsak Lisvadtrakul says that prices are also unstable due to the slowdown in the Chinese real estate market.

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