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Kallanish South East Asia Steel Report - November 2022 (Nov. 10, 2022)

The November issue of the Kallanish South East Asia Steel Report is 18 pages, with 32 graphs, and 15 tables.

Markets Report: 

  • Flats - Vietnam’s import market for commercial-grade hot-rolled coil has maintained a downward trend through October. Weak demand in Southeast Asia, combined with rising costs from high interest rates and exchange rate movements, as well as a credit crunch and real estate crisis in Vietnam, have pushed importers to clear inventories quickly and lowered their willingness to import. The import price to Vietnam hit the lowest level in the past two years at the end of October, and some importers suffered losses due to the previous high-priced transactions.
  • Longs - The Southeast Asian rebar import market was a buyer's market last month, with falling transactions pushing down prices. The sellers have to back down to meet buyers’ target prices, as rebar buyers in Southeast Asia have ample stocks.
  • Semis - The Southeast Asian market welcomed Chinese billet back into the region again in October, but low-priced Chinese billet supplies have rattled Southeast Asian buyers. There are concerns that Chinese suppliers could repeat non-performance, re-negotiations, and delays in executing contracts if prices suddenly rise. Most Southeast Asian buyers are therefore adopting a wait-and-see stance until there is more clarity on the direction of the market.
  • Raw Materials - Reduced production capacities in the Vietnamese steel industry have stifled demand for scrap imports. Many traders are less active in the market because demand is extremely weak. 

Production:  Hot metal production in Southeast Asia increased in early-October due to a brief rebound in demand, but this trend only lasted until mid-October and before reverted. The return of weaker regional steel demand, especially in Vietnam's troubled economic environment, has led Southeast Asian mills to start planning production cuts. Indonesian mills have also gradually lowered their production levels over October after completing a strong recovery in late September. Kallanish expects weak performance in the Chinese and Southeast Asian steel markets and rising global inflation to weigh on steel production in the region.

Mill Data: 

  • Hoa Phat Dung Quat
  • Formosa Ha Tinh
  • Alliance Steel
  • PT Dexin Mill
  • Posco Krakatau
  • Hoa Phat Hai Duong
  • Eastern Steel Malaysia

Country Trade Data:

  • Singapore
  • Indonesia
  • Thailand
  • Philippines
  • Malaysia