Nava Chantanasurakon, CEO of Sahaviriya Steel Industries (SSI) Public Company Limited, said Russia and Ukraine export 58 million tons of steel products. Respectively, Russia and Ukraine contribute to 8% and 4% of the world’s steel exports.
Nava speculated that the prolonged armed conflict between the two nations will diminish a large part of the global steel supply, which will lead to a price surge. The war will also affect the prices of energy and logistics.
The Office of Industrial Economics earlier projected the demand for steel in Thailand’s industrial sector this year could reach 19 million metric tons, a 5% increase from last year.
Factors contributing to the rising demand include the state’s infrastructure projects, and promotional initiatives in the industrial sector.
The office estimates the world’s steel consumption this year will increase 2.2% at 1.9 billion tons, with China being the biggest consumer at 985 million tons.
Last year, Thailand consumed 18.64 million tons of steel, an increase of 12.8% from 2020. Only 5.6% of steel in Thailand was locally manufactured, said the office. (NNT)
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