According to the Institute of Southeast Asian steel (SEAISI), steel consumption in ASEAN countries in 2015 grew by around 7% over the previous year. This increase is mainly due to Vietnam, the first country to use the most steel products in the region.
According to estimates by SEAISI, in 2015, Vietnam uses 18 million tons of steel, up 26% compared to 2014. In particular, the number of domestic steel production and steel imports increased, about 26-27%, corresponding to 7 million and almost 14 million tonnes.
In other countries, Thailand, steel consumption decreased by 3%, in Indonesia the demand for steel products is also lower than 3% from a year earlier, while in Malaysia, the demand for steel rose 5%, reaching 11 million tons. Demand for steel is used in the Philippines increased by 15%, it significantly expands the amount of steel in the country. Steel used in Singapore increased by 5%.
Reportedly, in 2015 Vietnam also imported 11.3 million tons of steel, mainly from China. Particularly in the first 4 months of 2016, Vietnam had imported from China nearly 3.7 million tons of steel, accounting for 59.72% in volume, the total import volume of 6.21 million tons.