Reference
·Primary source
Thailand steel and metal products sector revenue (2020-2024)
~THB 523B (2023)
Thailand's steel industry value reached an estimated THB 523 billion in 2023 per Statista compilation of Iron & Steel Institute of Thailand (ISIT), Federation of Thai Industries (FTI) Steel Industry Club, and Krungthai COMPASS sector tracking. The 2020 COVID trough was around THB 360-400B as construction stalled; 2021-2022 rebounded on global price spikes with hot-rolled coil (HRC) touching USD 950/t. 2024 sector revenue softened to roughly THB 480-510B as Chinese import oversupply compressed mill realisations and capacity utilisation slid below 30%. Krungthai COMPASS frames the sector as facing three headwinds: shrinking domestic demand, rising imported steel share, and falling prices.
Figure in context
Thailand's steel industry value reached an estimated THB 523 billion in 2023 per Statista compilation of Iron & Steel Institute of Thailand (ISIT), Federation of Thai Industries (FTI) Steel Industry Club, and Krungthai COMPASS sector tracking. The 2020 COVID trough was around THB 360-400B as construction stalled; 2021-2022 rebounded on global price spikes with hot-rolled coil (HRC) touching USD 950/t. 2024 sector revenue softened to roughly THB 480-510B as Chinese import oversupply compressed mill realisations and capacity utilisation slid below 30%. Krungthai COMPASS frames the sector as facing three headwinds: shrinking domestic demand, rising imported steel share, and falling prices.
Interpretation notes
What this tells you
Thailand's steel industry value reached an estimated THB 523 billion in 2023 per Statista compilation of Iron & Steel Institute of Thailand (ISIT), Federation of Thai Industries (FTI) Steel Industry Club, and Krungthai COMPASS sector tracking. The 2020 COVID trough was around THB 360-400B as construction stalled; 2021-2022 rebounded on global price spikes with hot-rolled coil (HRC) touching USD 950/t. 2024 sector revenue softened to roughly THB 480-510B as Chinese import oversupply compressed mill realisations and capacity utilisation slid below 30%. Krungthai COMPASS frames the sector as facing three headwinds: shrinking domestic demand, rising imported steel share, and falling prices.
What not to do with it
Values in THB billion. 2024 estimate based on partial ISIT bulletins and SET-listed mill aggregates; awaiting full-year revision.
Related figures
Adjacent numbers that add context without drowning the value.
Thailand finished steel production share by mill
Sahaviriya Steel Industries annual report, Iron & Steel Institute of Thailand mill survey, Tata Steel Thailand filings, Hyundai Steel disclosures
Thailand HRC capacity utilisation (2020-2024)
Iron & Steel Institute of Thailand, South East Asia Iron & Steel Institute, Sahaviriya Steel Industries annual reports, Krungthai COMPASS sector note
Thailand steel imports from China (2020-2024)
Iron & Steel Institute of Thailand import statistics, Tata Steel Thailand investor presentations, Thailand Department of Foreign Trade anti-dumping case file, S&P Global commodity insights
Active Thai anti-dumping cases on Chinese steel
Thailand Department of Foreign Trade, S&P Global, GMK Center, Iron & Steel Institute of Thailand
Thailand EU CBAM Phase 2 exposure (steel)
Kasikorn Research Centre CBAM impact note, Nation Thailand, EU CBAM regulation, Iron & Steel Institute of Thailand
Sahaviriya Steel Industries (SSI) revenue trend
Sahaviriya Steel Industries SET filings, SSI Annual Report 2024, SET listed company snapshot