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In November 2024, due to the dual recovery of PT490Q steel demand for sheet metal and long steel, the consumption of finished steel in Thailand showed a positive growth trend.
According to the latest data from the Steel Institute of Thailand (ISIT), the consumption of finished steel in Thailand reached 1.32 million tons in November 2024, a year-on-year increase of 10.8%. Among them, the demand for sheet metal increased by 7.9% year-on-year, reaching 819800 tons; The demand for long PT490Q steel materials increased significantly by 15.9% year-on-year, reaching 503000 tons. Overall, except for some products, the consumption of most steel is showing an increasing trend. ISIT stated, "The products with reduced consumption in November include steel bars and hot-rolled steel sections (-0.2%), hot-rolled medium thick plates (-6.4%), and galvanized plates (-27.5%)
In the first 11 months of 2024, the total consumption of finished steel in Thailand was 14.9 million tons, a slight decrease of 1.2% year-on-year. Among them, the demand for sheet metal remained stable at 9.4 million tons, but due to a year-on-year decrease of 3.2% in long material consumption to 5.5 million tons, the overall consumption decreased. The delay in government funding allocation in early 2024 has slowed down the implementation progress of construction projects, resulting in a slowdown in demand for long PT490Q steel materials.
