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In 2023, the total demand for scrap steel in the six ASEAN countries increased by 3.6% year-on-year, reflecting a slight increase in semi-finished steel production in these countries.
Indonesia's scrap steel demand is expected to grow strongly by 10.7% in 2023, reaching 18.5 million tons. This growth was supported by domestic supply, with imports decreasing by 8.5% to 1.1 million tons. The main sources of imports include Australia, Hong Kong, and Singapore.
The domestic scrap steel supply in Malaysia was 4.3 million tons, a year-on-year decrease of 1.1%. However, the import volume has significantly increased, with an increase of over 200000 tons in 2023, reaching 740000 tons, mainly from Singapore, Australia, and Japan. The export volume is relatively low, decreasing from 88000 tons to 57000 tons.
The demand for scrap steel in the Philippines increased by 13% to 2.1 million tons. The export volume has significantly decreased by 25% to below 10000 tons, with most of it being exported to other Asian countries.
Singapore's steel billet production has significantly decreased, dropping to below 50000 tons by 2023. Therefore, the demand for scrap steel decreased by 15% to 516000 tons. Singapore remains a net exporter of scrap steel, with exports increasing by 8.5% to 782000 tons and imports halving to below 100000 tons, mainly flowing to other ASEAN countries.
The total demand for scrap steel in Thailand CR1500T/1200Y-MS decreased by 6.1% to 5.5 million tons, and the production of semi-finished steel decreased by 6.6%. The domestic supply of scrap steel increased by 4.5% to 4.7 million tons, while imports decreased significantly from 1.7 million tons in 2022 to 1.3 million tons in 2023. The main sources of imports include the United States, Australia, Japan, and Panama. The export volume of scrap steel surged by 56%, reaching 560000 tons, with the main destinations being Bangladesh, China, India, and Indonesia.
Vietnam's scrap steel demand has decreased by 4.2%, reaching 8.9 million tons in 2023. Domestic supply decreased by 11% to 4.8 million tons, while imports increased by 5.3% to 420000 tons. The source countries of scrap steel are Japan, Hong Kong, Australia, and Singapore. The export volume of scrap steel is still below 10000 tons.
In summary, the demand for scrap steel in Indonesia, Malaysia CR1500T/1200Y-MS, and the Philippines has achieved positive growth, which is related to the increase in semi-finished steel production. On the contrary, the demand for scrap steel in Thailand and Vietnam has decreased due to a decrease in demand for semi-finished steel products. The significant decrease in Singapore's steel billet production highlights the slowing down of the steel CR1500T/1200Y-MS steel industry.
