The Southeast Asia Iron and Steel Institute (Seaisi) forecasts a year-on-year increase of 3.7% in steel demand for Southeast Asian countries, reaching 76.5 million tons in 2024. However, this growth is lower than expected due to high global inflation, volatile prices, and slowed demand in China and other regions.

In 2023, steel demand in the six major ASEAN countries (ASEAN-6) fell by 1.9% year on year to 73.5 million tons, with production dropping by 2.1% year on year to 49.4 million tons. ASEAN-6's net imports decreased by 1.3% to 24.3 million tons. Declining external demand, high inflation, and global financial market constraints contributed to these setbacks, impacting construction and industrial activities.

Despite challenges, ASEAN-6 governments remain optimistic about 2024, expecting growth through infrastructure projects, tourism recovery, and stable inflation. However, the region faces supply chain uncertainties, geopolitical tensions, and economic slowdowns. Seaisi anticipates ASEAN-6 crude steel capacity to rise from 78 million tons in 2022 to 94 million tons in 2024, potentially leading to overcapacity issues.