9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

Thailand's economic difficulties also affect the steel industry

Amid Thailand's ongoing economic challenges, both small and medium enterprises (SMEs) and major corporations are feeling the impact.

Thailand's economic difficulties also affect the steel industry

Amid Thailand's ongoing economic challenges, both small and medium enterprises (SMEs) and major corporations are feeling the impact. The World Bank recently downgraded its economic growth forecast for Thailand in 2024 to 2.4%, underscoring the country's economic slowdown.

Nava Chantanasurakon, managing director of Sahaviriya Steel Industries Public Company Limited (SSI), Thailand's first HRC producer and Southeast Asia's largest fully integrated flat steel producer, said the slow economic recovery has severely affected SMEs and led to plant closures. SSI, a significant player in the steel industry, acknowledges that these impacts extend to their operations as well. According to Nava, private sector discussions are increasingly focused on the fragility of the Thai economy, which is growing at a slower rate compared to other ASEAN countries. He emphasized the importance of cautious business management and careful risk management during these uncertain times.

Despite the challenges, Nava expressed hope that the current economic situation would not escalate to the severity of the 1997 financial crisis, known as the "Tom Yum Goong" crisis. However, he acknowledged the troubling signs, including high household debt and declining real estate and car sales. Economists fear a potential crisis, but Nava remains optimistic due to Thailand's strong economic fundamentals.

In summary, Thailand's economic slowdown is impacting all sectors, including the steel industry represented by SSI. While the situation is challenging, strategic management, innovation, and collaboration are seen as vital to navigating these tough times and driving future growth.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

South Korea's crude steel production decreased by 18.3% in October

Friday, November 22, 2024

SSAB and Saint-Gobain's slag reprocessing plant in Raahe progresses

Friday, November 22, 2024

US Steel Producer partners with Primetals Technologies for EAF Ultimate

Friday, November 22, 2024

Imported scrap prices on the decline, demand stagnant!

Friday, November 22, 2024

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now