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Thailand's steel market sluggish due to slowing domestic economy

release time:2019-12-06         source:SMM

Thailand's steel industry is showing signs of a slowdown related to the country's weak economy. The latest data shows that exports, production and domestic consumption have all declined.

The latest data show that the country's steel exports, production and domestic consumption are all declining. According to data released by the Thai Iron and Steel Industry Association, the country ’s output of finished steel from January to September fell by 18.7% year-on-year to 5.47 million tons.

The data released by the industry also shows that the country exported 1.11 million tons of finished steel from January to September, a year-on-year decline of 15.3%.

The National Economic and Social Development Council said in its latest data for the third quarter that Thailand ’s GDP grew by 2.4% in the third quarter, up from 2.3% in the second quarter. The lowest level since the third quarter, but prompted it to cut its full-year forecast for 2019 to 2.6% from the previous 2.7% -3.2%.

As economic growth has slowed, the Thai Federation of Industries (FTI) has reduced its forecast for domestic car production in 2019 to 2 million from an earlier 2.15 million, citing lower domestic sales and exports.