BANGKOK, Dec 22 — Thailand has slashed the import quota on steel under the Japan–Thailand Economic Partnership Agreement or JTEPA to 530,000 tonnes next year.
Udom Wongwiwatchai, Director General of the Office of Industrial Economics, told reporters on today that the decision was reached during a meeting on Thailand’s iron and steel imports hosted by the Commerce Ministry.
He said Thailand’s import of steel sheet from Japan will be reduced to 530,000 tonnes for 2015, down from over 10 million tonnes in 2011.
Mr Udom said the decision followed the less-than-expected consumption of iron and steel in Thailand the industrial sector.
Thailand’s automotive industry could only produce 2 million cars last year, lower than the targeted 2.7 million units, while next year it is expected to produce only 2.2 million cars.
Mr Udom said the import quota will be revised again in June next year to synchronise the quota with actual demand.
For next year Thailand’s demand for iron and steel is projected at 17.41 million tonnes. About 6 million tonnes of iron and steel will be produced domestically while the rest will be imported.
