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Bangkok Post reported that Thai hot rolled steel sheet maker Sahaviriya Steel Industries Plc is seeing bright prospects for business in Thailand, driven by rising global steel prices though that may increase costs for steel users and the construction industry. SSI President & CEO Mr Win Viriyaprapaikit said “The higher prices are attributed to economic recovery, especially in China and the US, after many countries eased lockdown measures and implemented economic stimulus packages. Covid-19 vaccinations are allowing the global economy to recover slowly, resulting in higher prices of certain commodities, including oil and steel. China is a major consumer of steel for its development projects. Its demand and supply affect global steel prices.”
Mr Win added "Domestic steelmakers are aware of domestic steel prices, including those of rebar steel which is made of hot-rolled steel and is expensive, but they will follow global steel prices.”
To relieve the impact on steel users, Mr Win suggested they adopt risk management. Constructors should also hold talks with the government to adjust factors, often known as the "K" factor, in state construction projects in response to increasing global steel prices.
Last year, Thailand''s steel consumption stood at 16.5 million tonnes with 10.4 million tonnes imported and 6.1 million tonnes produced domestically.
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