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Steel Industry Faces Challenges as Foreign Competitors Impact Thai Market

by Geraldine S.
08/19/2024
in Market Trends

Increased competition from foreign companies is leading to challenges in Thailand’s steel industry. Technological advancements and cost-effective production methods from overseas, particularly from China, are influencing the global market dynamics, including in ASEAN countries and Thailand. The Federation of Thai Industries (FTI) has reported that despite some growth in the domestic steel sector, many Thai factories are shutting down, largely due to rising energy costs, including electricity and fuel.

China has increased its steel exports significantly, driven by a reduction in domestic demand. In the first half of 2024 (January-June), China exported 53.4 million tons of finished steel products, marking a 24% increase compared to the same period last year. If this trend continues, China’s total steel exports for 2024 are expected to reach 106.8 million tons, nearing the record high set in 2015. Thailand’s steel imports from China during the same period amounted to 2.397 million tons, a 0.9% increase, accounting for 43% of Thailand’s total steel imports.

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The utilisation rate of Thailand’s steel production capacity has dropped to its lowest level in seven years, standing at 29.3% for the first half of 2024, down from 31.2% in 2023 and 33.4% in 2022. According to the Industrial Standards Institute (ISI), non-standard products valued at over 344 million baht were identified, with steel and construction materials being the highest at over 126 million baht, representing 37%. The Thai steel industry is also facing competition from Chinese companies investing in local production. The FTI reports that Chinese firms have invested in steel plants with a combined capacity of 12.42 million tons, closely matching Thailand’s steel demand for 2024, which is only 16 million tons.

The industry may need to explore new export markets while managing higher costs to avoid further factory closures. There is hope that the government will consider measures to limit the establishment of additional foreign steel plants in Thailand to support the domestic industry.

Your go-to source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.

#SupplyChainNews #SupplyChainNews #SteelIndustry #ThailandEconomy #MarketTrends

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