According to the forecast by South East Asia Iron and Steel Institute (SEAISI), steel demand in the six ASEAN countries will grow by 3.4% annually to 77.6 million in 2023, rising for two consecutive years.

Among them, the Indonesian and Philippine authorities have promoted many infrastructure construction and investment projects, and the economic growth is expected to reach 6-7%, becoming the main driving force for steel demand in the ASEAN market.

In the past three years, the demand of Indonesia's construction industry accounted for 76-78% of overall steel consumption. SEAISI predicted that Indonesia's consumption will reach 17.4 million tons in 2023, an annual increase of 5%.

In addition, although the Philippines is facing problems such as inflationary pressure and interest rate hikes, the authority continues to promote infrastructure and power development projects, becoming the main strength in demand with an annual increase of 6%.

Vietnam, Thailand, Malaysia, and Singapore are the other 4 ASEAN countries, also boosting demand growth together.