SMM

Supply is booming, with capacity set to double to 332 million tons by 2030, shifting from basic construction steel towards higher-value industrial products. Demand is growing and changing, driven not just by construction but increasingly by manufacturing, as global supply chains move into the region. The core issue is a mismatch. While local mills are expanding rapidly, they still can't fully meet the new demand for high-quality steel, leading to continued imports of these specific products even as overall capacity surges. This is reshaping ASEAN into a major, self-sufficient supply base, with Vietnam and Indonesia as its new hubs.