Domestic demand in the steel market is expected to increase by 3-4pc to 18.9mn mt, attributed to a boost from automotive and construction sectors, the Iron and Steel Industry Club, operating under the Federation of Thai Industries (FTI), said on Jan 7.
Korakod Padungjitt, secretary-general of the club, said that while the automotive sector suffered a drop in exports in 2019, caused in part by a strong baht, auto sales are forecast to pick up in 2020.
Padungjitt added that the construction sector is set to benefit from government infrastructure projects in 2020, and a budget disbursement, thereof.
The packaging industry in Thailand demands 700,000-800,000mt of steel per year, while that number for the construction sector was at 10mn mt in 2019.