UAE and Thai missions actively explore foreign investor opportunities and encourage businessmen and corporations, as the UAE is the main gateway for trade with GCC countries, Arab and Islamic worlds, and African states.
Thailand's finished steel import landscape witnessed noteworthy changes in December 2023, with a comprehensive breakdown revealing substantial shifts in key product categories. Steel demand is exacerbated by rising energy and commodity prices, inflation, and lower global demand, with rising interest rates, tightening monetary policy, and weak consumer spending posing risks.
The lack of domestic raw materials puts domestic producers at a competitive disadvantage in Thailand.
Billet Imports from Oman Decline by 39.5%
The import figures for billet, in the steel manufacturing process, revealed a stark 39.5% reduction in imports from Oman. The data indicates a notable drop from 390,382 tonnes in 2022 to 645,384 tonnes in 2023, signifying a substantial adjustment in Thailand's import strategy for this particular steel product. Industry analysts suggest that this strategic pivot may be driven by factors such as cost considerations, supply chain optimization, or changes in market conditions.
Carbon Steel Section Imports from the UAE Witness a Considerable Decrease
In a parallel development, Thailand recorded a significant decrease in carbon steel section imports from the UAE. The import figures for 2023 stand at 1,837 tonnes, marking a noteworthy decline compared to the 2,823 tonnes imported in 2022.
Commencement of Slab Imports from Egypt and UAE
On the one hand, Oman's slab imports decreased by 24.4%, falling from 472,332 tons in 2022 to 357,041 tons in 2023. On the other hand, in a contrasting trend, Thailand initiated a new pattern by importing substantial quantities of slab from Egypt and the UAE during the same period The data indicates the import of 80,995 tonnes of slabs from Egypt, underscoring a noteworthy shift in the import for this steel category. Additionally, the initiation of slab imports from the UAE, totaling 55,483 tonnes in 2023, indicates efforts to enhance sourcing and the supply chain for steel production. The import of slabs from Oman decreased by 24.4%, falling from 472,332 tonnes in 2022 to 357,041 tonnes in 2023.
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