Thailand’s steel industry report (2024-2033) highlights 10 million tons capacity, heavy reliance on imports, concerns over cheap foreign steel, and limited growth due to high production costs and inadequate local resources.
Key Points
- Thailand’s steel industry, primarily utilizing electric arc furnace (EAF) technology, has an annual production capacity of about 10 million tons, with major companies including GSteel and Tata Steel Thailand. The country heavily relies on imports for its steel needs, particularly flat steel, with 70-75% sourced externally, leading to domestic production shortages.
- Japan, China, and South Korea are the main steel import sources, while the US, Indonesia, and Vietnam are key export destinations. Local manufacturers express concern over increased cheap steel imports from Russia and China, which could adversely impact domestic production, especially as 60% of Thailand’s steel consumption depends on imports.
- Anticipated trends from 2024 to 2033 suggest a gradual rise in steel production and consumption due to Thailand’s economic strength, despite challenges like high production costs compared to regional competitors. A focus on reducing production costs and diversifying product offerings is essential for Thai steelmakers to mitigate the effects of rising imports.
The “Thailand Steel Industry Research Report 2024-2033” provides a comprehensive analysis of the steel sector in Thailand, detailing its production capacity, major players, and the ongoing challenges and opportunities within the market. Thailand’s annual steel production capacity stands at approximately 10 million tons, predominantly utilizing the electric arc furnace (EAF) method. Key companies include GSteel, GJSteel, and Tata Steel Thailand, with Nippon Steel notably acquiring significant stakes in both GSteel and GJSteel.
Despite this capacity, the efficiency of Thai steel companies is hampered by low equipment utilization rates, leading to a substantial reliance on imports, particularly for flat…
