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Thailand's steel market is weak due to its domestic economic slowdown

2019-12-05 16:47:01

Thailand's steel industry is showing signs of slowing down in relation to the country's weak economy, with the latest data showing a decline in exports, production and domestic consumption.

The latest data shows that the country's steel exports, production and domestic consumption are all declining.

According to data released by the Thailand Iron and Steel Industry Association, the country's finished steel output fell 18.7% to 5.47 million tons from January to September.

Data released by the industry also showed that the country's export of finished steel in January September was 1.11 million tons, down 15.3% year on year.

In its latest data for the third quarter, the National Economic and Social Development Council said Thailand's GDP growth in the third quarter was 2.4%, higher than 2.3% in the second quarter, the lowest level since the third quarter of 2018, but urged it to reduce its forecast for the whole year 2019 to 2.6% from the previous 2.7% - 3.2%.

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