The South East Asia Iron & Steel Institute (Seaisi) has singled out Myanmar as a burgeoning steel market to watch in the Southeast Asian region.
The country's annual steel consumption is expected to exceed 3 million tonnes in 2020 on an average growth rate of 8% before reaching 5 million tonnes in 2025, Seaisi secretary general Tan Ah Yong said on Monday November 26.He was speaking to delegates at the association's 2018 Asean Iron & Steel Sustainability Forum in Ho Chi Minh City, Vietnam.The growth in Myanmar's steel consumption will mainly come from its expanding construction sector, which would drive demand for building materials such as rebar, galvanized and color-coated steel sheet, hot-rolled coil, and plate. "It's believed that Myanmar's economic development will drive more infrastructure and building in the short- to mid-term," Tan...