Posted on 10 Jul 2024
Total scrap demand in ASEAN-6 registered a moderate growth of 3.6% y-o-y. This reflected a slight growth of semi-finished steel production.
Indonesia’s scrap demand rose by a double-digit growth rate of 10.7% y-o-y to 18.5 million tonnes in 2023. Scrap demand was well served by domestic supply while import declined 8.5% y-o-y, to 1.1 million tonnes. Major sources were Australia, Hong Kong and Singapore.
Malaysia’s domestic supply for scrap remained at 4.3 million tonnes, although the volume dropped slightly by 1.1% y-o-y. Import jumped more than 200k tonnes to 740k tonnes in 2023. Major sources were Singapore, Australia and Japan. Export was not significant and the volume dropped from 88k tonnes to 57k tonnes.
Philippines’ scrap demand rose 13% y-o-y to 2.1 million tonnes, reflecting a strong growth in domestic billet output in 2023. Import nearly doubled in volume to serve higher demand while export remained low with a significant decline of 25% y-o-y to below 100k tonnes. Major destinations were Asian countries.
Singapore’s billet production dropped to below half a million tonnes in 2023. This has resulted in 516k tonnes in demand for scrap, a decline of 15% y-o-y. Singapore remained a net exporter for scrap with total scrap export at 782k tonnes, an increase of 8.5% y-o-y. Import dropped by nearly half to below 100k tonnes in 2023. Major destinations were ASEAN countries.
Thailand’s total scrap demand for steel production dropped 6.1% y-o-y to 5.5 million tonnes, reflecting a decline in semi-finished steel production, at 6.6% y-o-y. Domestic scrap supply remained as high as 4.7 million tonnes, an increase of 4.5% y-o-y. Import dropped significantly from 1.7 million tonnes in 2022 to 1.3 million tonnes in 2023. Major sources were USA, Australia, Japan and Panama.
Scrap export in Thailand jumped 56% y-o-y to 560k tonnes in 2023. Major destinations were Bangladesh, China, India and Indonesia.
Vietnam’s scrap demand dropped 4.2% y-o-y to 8.9 million tonnes in 2023. Domestic supply reduced 11% y-o-y to 4.8 million tonnes while import surged 5.3% y-o-y to 4.2 million tonnes. Major sources were Japan, Hong Kong, Australia and Singapore. Scrap export remained lower than 100k tonnes.
All in all, Indonesia, Malaysia and Philippines experienced a positive growth in scrap demand, reflecting their growing semi-finished steel output within the country. Meanwhile, Thailand and Vietnam demand for scrap declined due to a slowdown in semi-finished steel output. Singapore’s billet production dropped significantly in 2023, reflecting a slowdown in steel production within the country.
See more information from e-booklet, providing preliminary data, to be available in May.
Source:SEAISI
