Southeast Asia ushering boom in steel production capacity investment

News 2024-03-13 22

In recent years, huge investment projects in steel production have entered Southeast Asia. According to statistics, from 2023 to 2026, there will be 17 steel projects, including new and expanded projects, in Southeast Asia, involving steel production of 89.2 million tons and pig iron production of 44.8 million tons.

Specifically, the newly added production capacity projects are mainly concentrated in Malaysia, Indonesia, and Vietnam, involving steel production capacity of 31.7 million tons, 26.5 million tons, and 15 million tons, accounting for a total of 84%.

Among them, there are ten projects that have China’s participation, which will be the main recipient of domestic steelmaking capacity in the future. The regions that have been put into production in 2023 include Malaysia, Indonesia, and the Philippines, with a total steel production capacity of 6.2 million tons.