According to data from the Iron and Steel Institute of Thailand;Thailand's finished steel production saw significant growth in May 2024, totaling 551,184 tonnes, a 12% increase m-o-m and a 14.9% rise y-o-y. The production of long steel products, however, decreased by 1.3% y-o-y to 358,792 tonnes. Conversely, the production of flat steel products surged by 65.6% y-o-y to 192,392 tonnes. Notable increases in production were observed in Bar & HR section, HR sheet, and Tin plate/free categories.
In terms of consumption, Thailand's finished steel consumption reached 1.38 million tonnes in May 2024, expanding by 2.8% m-o-m and 6.6% y-o-y. The consumption of long steel products grew by 5% to 520,550 tonnes, while flat steel products consumption rose by 7.6% to 856,481 tonnes. Key products with increased consumption included Wire rod, HR plate, HR sheet, Tin-free, and other coated steel.
According to SteelRadar sources, rebar mills in Thailand offer billets for $490-$493/mt at EXW. For flat steel products, the export price is $740/mt FOB for SS400 or A36 HRP, and $658/mt FOB for SS400 HRC.
Domestic prices showed a mixed trend. The price of scrap dropped by 6.1% m-o-m, averaging 13,800 Baht/tonne (approximately $374.43/tonne). On the other hand, the prices of rebar and deformed bar saw modest increases of 1.3% and 1.4% m-o-m, with average prices at 22,475 Baht/tonne (approximately $610.21/tonne) and 21,454 Baht/tonne (approximately $582.23/tonne), respectively.
Overall, the steel industry in Thailand showed robust performance in May 2024, with notable growth in both production and consumption, despite some fluctuations in specific product categories and pricing.
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