The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes.
This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.
“We have yet to see positive factors that will increase steel consumption this year.”
Chaichalerm noted that the gradual recovery of the tourism sector and the economy at large is leading to cautious consumer spending.
There is a glimmer of hope in the last quarter, as Bunyanuwat suggests, where domestic steel sales might see an uptick. The potential boost is attributed to the start of new construction projects and farmers purchasing steel…
