Posted on 23 Jun 2023
Overall flat product import and export in ASEAN-6 in 2022 shrank with negative growth rates (-5.5% and -18.9% respectively).
Indonesia’s flat steel import increased 10% y-o-y in 2022. Export dropped slightly, at 1.9% y-o-y. Import of hot rolled plate more than doubled in volume, most of the import were from Japan and China. This could be the resumption of the shipbuilding industry. Meanwhile, export stabilized with a slight decline of 0.7% y-o-y.
Import of hot rolled coil slightly increased at 2.4% y-o-y. Most of the import were from Japan, South Korea, Vietnam and China. Export dropped 7.4% y-o-y, or nearly 200,000 tonnes. Major markets for hot rolled coil were Taiwan, Vietnam and Malaysia. The import from Vietnam was carbon HRC. This was because HRC price in Vietnam declined and there is no import duty on Vietnam’s HRC. As for the export to Vietnam, these were mostly export of stainless HRC.
Cold rolled sheet import increased 2.3% and export increased 4.4%. Major sources of import were Japan, South Korea and China. There was a significant import of alloyed CRC and carbon CRC from Japan. Indonesia exported above a million tonnes of stainless CRC to China in 2022, which was an increase of more than 50% y-o-y. Indonesia also exported significant volume of many coated sheet products to China, including hot dipped galvanized sheet, colour coated sheet and other coated sheet.
Malaysia’s flat steel import dropped significantly, at 6.9% y-o-y and export declined 6.8% y-o-y. Import of hot rolled plate dropped 30% while export stabilized. Import of hot rolled coil remained at nearly 2 million tonnes (a slight decline from 2021). Export dropped 15% y-o-y. Major sources of import were from Taiwan and Vietnam.
Import of cold rolled sheet in Malaysia dipped 19% y-o-y and export remained unchanged. Major sources of cold rolled sheet were South Korea, Japan, Taiwan and China while export was mainly to ASEAN. Coated sheet import dropped 6% y-o-y and export increased 18% y-o-y although the volume was not significant.
Philippines’ flat steel demand was supplied fully by import. The volume increased 10% y-o-y in 2022. Import of hot rolled plate jumped by nearly five folds, 60% of which was the import from China, followed by the import from Japan.
Hot rolled coil import rose 7% y-o-y, mainly from China and Taiwan. Import of cold rolled coil, on the other hand, dropped 29%, or a decline of 150,000 tonnes in 2022, mainly from China.
Philippines’ coated production was below 300,000 tonnes. Therefore, demand of above 2 million tonnes was mainly supplied by imports. The import volume increased 11% y-o-y. Half of which was the import of galvanized sheet, an increase of 25% y-o-y. Almost all galvanized sheet import was from China, followed by import of colour coated sheet, also mainly from China.
There is no flat steel production in Singapore. Therefore, demand is all supported by import. Singapore’s import of flat steel registered at 1.3 million tonnes in 2022 and around 300,000 tonnes of which was for re-export. The re-export volume dropped nearly half from 558,850 tonnes in 2021. Most of flat steel import was hot rolled plate for shipbuilding industry. The volume increased 34% y-o-y and major sources were from Japan and China.
Thailand relied a lot on flat steel import to serve manufacturing sectors, especially automotive and electrical appliances sector. However, total import dropped by a double-digit growth rate in 2022. Hot rolled plate import was the only product that remained a positive growth rate of 3% y-o-y. The import was mainly from China and Japan. Export was as low as 4,000 tonnes.
Import of other flat steel products registered negative growth rates. Hot rolled coil import shrank by nearly a million tonnes. Import from Japan, the largest source of import, dropped more than 700,000 tonnes in 2022, while import from China increased nearly 200,000 tonnes. Export was as low as 50,000 tonnes in 2022.
Cold rolled import contacted by more than 200,000 tonnes in 2022. Major source was from Japan. Export remained stable with a minimum decrease of 1% y-o-y. Coated sheet import dropped 18% y-o-y. Major source was from China. Export was below 100,000 tonnes in 2022.
Vietnam’s flat steel import declined 8.7% y-o-y, export dropped by a double-digit growth rate of 29% y-o-y. Hot rolled plate import dropped to below a million tonnes in 2022. Major sources were China and Japan.
Vietnam import of hot rolled coil was significant. However, the volume declined by a million tonnes in 2022. Major sources were China, followed by India. Export dropped moderately, by 5.4% y-o-y. Major destinations were ASEAN countries.
Cold rolled coil import in Vietnam was below a million tonnes and the volume continued to decline since 2017. The import was mainly from Japan and China. Export dropped by a double-digit growth rate of 30% y-o-y. The export was mainly to ASEAN, North America and ASEAN.
Coated sheet import into Vietnam declined significantly, by 22% y-o-y in 2022 to below a million tonnes. Most of the import was galvanized sheet. Export was significant and the volume dropped by nearly half in 2022. Major export products were galvanized sheet and the volume declined by a million tonnes in 2022. Major destinations were Europe, North America and ASEAN.
Source:SEAISI
