The Southeast Asia Iron and Steel Institute (SEAISI) expects steel demand across ASEAN to continue growing in 2026, although the region faces rising pressure from imports and geopolitical uncertainty.
Speaking at the SEAISI conference in Singapore, Secretary General Wee Jin Yeoh said steel demand across ASEAN-6 countries is projected to reach 87.9 million metric tons in 2026, representing:
- +2.6% compared to 2025
- +8.2% compared to 2024
In 2024, total steel consumption in ASEAN exceeded 81 million mt, surpassing pre-pandemic levels.
Among key markets, Vietnam recorded the strongest growth, with steel demand rising by more than 21% in 2024.
However, SEAISI highlighted a major challenge:
⚠️ Steel import penetration in ASEAN remains above 60%
Imports into ASEAN-6 rose by 10.4% in 2024, adding nearly 5 million mt, creating intense pressure on regional producers.
At the same time, Yeoh warned that geopolitical tensions involving Iran could trigger broader energy disruptions.
According to SEAISI, many ASEAN economies—including Vietnam, Indonesia, Malaysia, and Philippines—currently hold strategic oil reserves of 40 days or less, raising concerns about energy security.
Despite these risks, ASEAN continues expanding steelmaking capacity, with Vietnam moving ahead on major projects such as Hoa Phat Group’s 6 million mt expansion project.
VietnamSteel by Hoa Sen Group
