Thailand is currently the world’s fourth largest importer of steel and Iran is gradually becoming a major exporter to the Southeast Asian market.

The kingdom imported a total of 13.2 million tons of semi-finished steel and steel products last year, up 15% compared to the year before, Foolad News reported. Major infrastructure, transportation and construction projects underway in Thailand have required a steady feedstock of steel over the years. Consequently, Thailand’s import growth trend has followed a steady uptrend ever since 2000, with only a slight hiccup in 2007-9.

Iran exported 5.53 million tons of semis and steel products in the last Iranian year (March 2016-17), the Iranian Mines and Mining Industries Development and Renovation Organization reported. Over 16% of the total figure, amounting to 884,800 tons, were shipped to Thailand. This indicates an over 97% growth in shipments year-on-year and makes Iran the fourth fastest growing exporter of the commodity to the kingdom, followed by Indonesia, Australia and China.

Experts believe that in order to sustain capacity growth, steelmakers must boost exports as the local construction market is still low on demand and shows no immediate signs of recovery.

Source: Foolad News