Thailand Steel & Metal Products Market Intelligence
Thai steel demand ~20M t/yr; net importer 35-40% from China, Vietnam, Japan, Korea. Tata Steel, Millcon, G Steel listed. CBAM, anti-dumping, green-steel transition.
Key takeaways
- 1
Thai apparent steel consumption ~ tonnes FY2024 (ISIT, worldsteel) β SEA's #2 market behind Vietnam. Long products ~ (construction), flat ~ (auto, appliances), pipe/tube ~, specialty ~.
- 2
Domestic capacity is EAF (electric arc furnace) scrap-based β no integrated blast furnace. Thailand imports of consumption, mostly flat HRC, CRC from China, Vietnam, Japan, Korea.
- 3
Listed operators: Tata Steel Thailand (SET: TSTH, long, Tata India parent), Millcon Steel (SET: MILL, long, scrap), G Steel (SET: GSTEEL, flat HRC).
- 4
Trade Remedies Act anti-dumping, countervailing duty investigations recur vs Chinese, Vietnamese flat steel β partial protection but does not close import gap.
- 5
EU CBAM (Oct 2023 reporting, 2026 financial) creates carbon-content reporting, future tariff exposure for Thai steel exports to EU. BOI green-steel, EAF modernisation incentives target 2027-2030 transition.
Executive summary
Thailand consumed approximately 20 million tonnes of finished steel in FY2024, making it Southeast Asia's second-largest steel market behind Vietnam. Demand is anchored in construction (~ long products: rebar, wire rod for residential, infrastructure, EEC industrial), automotive, appliances (~ flat: HRC, CRC), and pipe/tube, downstream (~). Domestic crude steel production is entirely EAF (electric arc furnace) scrap-based β Thailand has no integrated blast furnace producer.[, , ]
The capacity-mix is the structural import driver: scrap-EAF can produce long products competitively but struggles with high-grade flat steel at scale, so Thailand imports of consumption β flat HRC, CRC from Chinese, Vietnamese, Japanese, Korean integrated mills. Listed operators: Tata Steel Thailand (~ domestic share), Millcon Steel (~), G Steel (~).[, , ]
Policy: Trade Remedies Act AD, CVD investigations recur vs Chinese, Vietnamese flat-steel imports β MOC has imposed duties on multiple HS lines but has not closed the import-share gap. EU CBAM creates carbon-content reporting, future tariff exposure for Thai steel exports to EU. BOI EEC, green-steel incentives target hydrogen-DRI, EAF modernisation; commercial-scale rollout 2027-2030.[, , ]
Thai apparent steel consumption (Mt, 2020-2024)
2020
Demand (Mt)
16
Context
COVID construction trough
2021
Demand (Mt)
18
Context
Recovery, EEC infra restart
2022
Demand (Mt)
19
Context
Russia-Ukraine, commodity spike
2023
Demand (Mt)
19
Context
China property cooling
2024
Demand (Mt)
20
Context
EEC, auto, post-tariff stabilisation
| Year | Demand (Mt) | Context |
|---|---|---|
| 2020 | 16 | COVID construction trough |
| 2021 | 18 | Recovery, EEC infra restart |
| 2022 | 19 | Russia-Ukraine, commodity spike |
| 2023 | 19 | China property cooling |
| 2024 | 20 | EEC, auto, post-tariff stabilisation |
Demand by product (% FY2024)
Long (rebar, wire rod)
Share %
End uses
Construction, EEC infra
Pipe, tube
Share %
End uses
Oil/gas, plumbing
Specialty, downstream
Share %
8%
End uses
Galvanised, alloy
| Product | Share % | End uses |
|---|---|---|
| Long (rebar, wire rod) | 45% | Construction, EEC infra |
| Flat (HRC, CRC) | 35% | Auto, appliances |
| Pipe, tube | 12% | Oil/gas, plumbing |
| Specialty, downstream | 8% | Galvanised, alloy |
Analyst framing
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Key figures
Selected anchors from the report evidence pack.
Thailand Apparent Steel Consumption
Iron and Steel Institute of Thailand, Office of Industrial Economics
Steel Import Dependency Ratio
ISIT, Thai Customs Department, OIE
Sahaviriya Steel Industries Crude-Steel Capacity
SSI Annual Report, SET filings, ISIT
Thailand Ferrous Scrap Imports Value
Thai Customs Department, Department of Foreign Trade, ISIT
Construction Sector Share of Steel Demand
ISIT, Office of Industrial Economics, National Economic and Social Development Council
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