December 02, 2008

Domestic steel prices in Thailand expected to drop in H2

According to the Iron and Steel Institute of Thailand, the local steel prices are expected to drop in the second half of the year due to the decline of investment projects and the slowing of world economic growth.

In Thailand, the steel demand has dropped even more significantly because of the momentum of political woes adversely affected the overall economy. In order to solve this problem, Vikrom Vajragupta, director of the ISIT, urged the National, Economic and Social Development Board to conclude its upstream steel production study as soon as possible.

Currently the four leading steelmakers ArcelorMittal, Japan's Nippon Steel, JFE Steel and China's Baosteel all have expressed interest in investing in upstream blast furnaces in Thailand according to the Board of Investment.