Steel consumption plunges by over 14%

Steel consumption in Thailand dropped by 14.3% year-on-year to 2.54 million tonnes between January and February due to a surge in Covid-19 infections, a shortage of construction workers and weak business sentiment, says Tata Steel Thailand Plc (TSTH), a unit of India’s largest steelmaker.

The Russia-Ukraine war is also feared to affect global steel prices, eventually dealing a further blow to the steel industry, said chief executive Rajiv Mangal.

Domestic steel consumption stood at 2.97 million tonnes in the same two-month period last year.

“The company remains positive about steel consumption in Thai and global markets, hoping the war will end soon,” said Mr Mangal.

The economy is expected to improve in the second half of 2022, driven partly by gradual recovery of the tourism industry, but factors like higher inflation caused by the war and supply chain…