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RCEP15 countries account for more than 60% of global steel production and consumption

[vc_row][vc_column][vc_column_text]The proportion of furnace steel was 24.5%; South Korea’s crude steel output was 71.42 million tons, down 1.4% year-on-year, accounting for 3.8% of the world’s total, of which converter steel accounted for 68.2%, electric furnace steel accounted for 31.8%; Australian crude steel output was 549 10,000 tons, down 3.4% year-on-year, of which converter steel accounted for 73.2% and electric furnace steel accounted for 26.8%; New Zealand crude steel output was 670,000 tons, an increase of 2.3% year-on-year, all of which were converter steel.

Crude steel production in the ten ASEAN countries in 2019 was 45.3 million tons, a year-on-year increase of 5.7%, of which five countries (Vietnam, Indonesia, Malaysia, Thailand, and the Philippines) were the most important crude steel producers. The total crude steel output in 2019 was 36.6 million Tons, an increase of 8.8% year-on-year, accounting for 80.8% of the total crude steel output of the ten ASEAN countries.

In terms of production technology, in general, the ASEAN region is dominated by electric furnace steel. Only Indonesia has a higher proportion of converter steel than electric furnace steel, while the Philippines and Thailand are all electric furnace steel. Malaysia’s electric furnace steel ratio is as high as about 80%.

In terms of steel consumption, according to statistics from the World Steel Association, the total apparent consumption of crude steel in the 15 member states of the agreement in 2018 was 1,099.2 million tons, a year-on-year increase of 6.46%, accounting for more than 60% of the global apparent consumption of crude steel; Except for China, the total apparent consumption of crude steel in the other 14 RCEP member countries in 2018 was 229.5 million tons, an increase of 1.34% year-on-year, accounting for 12.5% of global apparent consumption of crude steel.

According to the World Steel Association’s preliminary statistics on steel consumption in 2019, in terms of finished steel consumption, China’s apparent consumption of finished steel was 907.5 million tons in 2019, an increase of 8.54% year-on-year; Japan’s apparent consumption of finished steel was 63.2 million Tons, a slight decrease of 3.36% year-on-year; the apparent consumption of finished steel products in South Korea was 53.2 million tons, a slight decrease of 0.93% year-on-year; Australia and New Zealand were basically unchanged (ASEAN not separately calculated). Related statistics from ASEAN show that due to the slowdown in the construction industry of the six ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam), its steel consumption in 2019 increased by only 1.2% year-on-year to 81 million tons. In ASEAN, the construction industry is the main industry driving the demand for steel in the six ASEAN countries, accounting for more than 70% of the steel demand in the region. Vietnam and Indonesia are the most potential consumer countries.

The signing of the RCEP is an important step for regional countries to take concrete actions to safeguard the multilateral trading system and build an open world economy. It is of symbolic significance for deepening regional economic integration and stabilizing the global economy. According to reports, the agreement includes many new forms of trade, including intellectual property rights, competition policy, government procurement, and small and medium-sized enterprises. For steel companies, the relevant tariff reduction and non-tariff barrier measures proposed in the agreement are conducive to smooth trade in the steel market. At the same time, domestic steel companies will also face competition from imported products.

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