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Philippines steel consumption seen at record high in 2019 – PISI

Steel News - Published on Wed, 03 Apr 2019

Image Source: Manila Bulletin Business
Today Online reported that Mr Roberto Cola, president of the Philippine Iron and Steel Institute, told Reuters that steel consumption in the Philippines is likely to rise by 5-6%in 2019 to a record 11.1 million tonnes as the country's economy continues to grow. He told “After rising just 2% in 2017 due to high prices, Philippines steel consumption jumped about 9% in 2018 to a record 10.5 million tonnes, driven by public and private construction projects. Steel demand will track GDP growth target og 6-7%.”

He said “Domestic steel demand will be supported in the next few years by President Rodrigo Duterte's signature "Build, Build, Build" infrastructure programme, under which the country is set to build more roads, bridges, railways and airports and upgrade existing ones.”

Mr Cola said “Country's heavy dependence on steel imports would drop significantly if the Philippines' first integrated steel complex, a USD 4.4 billion project by China's second-biggest steelmaker, HBIS Group, and three other parties including Steel Asia, begins production. However, that project in the southern Philippines, with a planned capacity of 8 million tonnes per year, is still undergoing feasibility studies, with no definite timeline yet for its completion.”

Philippines imports about 70% of its steel, with half of that coming from the world's top producer and exporter China. China's steel shipments to the Philippines last year accounted for 7% of its total steel exports at 66.9 million tonnes.

As its demand for steel has risen, the Philippines has seen an influx of induction furnaces which were banned in China but made their way to parts of Southeast Asia, hitting domestic steelmakers and fuelling safety and environmental concerns.

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Posted By : Rabi Wangkhem on Wed, 03 Apr 2019
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