Apparent steel consumption in the Association of Southeast Asian Nations (ASEAN) is expected to rise a marginal 0.3 million tonnes (mnt) to 8.2 mnt in 2024 from a level of 7.9 mnt in 2023. Real steel consumption is slated to increase to 7.9 mnt from 7.7 mnt in this period, as per a report from the Malaysian Iron & Steel Industry Federation, a copy of which is in the possession of BigMint. As per the Ministry of Finance of Singapore, which works with ASEAN and other regional partners to support economic prosperity, has forecasted that in 2024, the region’s GDP will grow 4-5% and manufacturing growth will likely increase by 3.5%.
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