According to a report released by the South East Asia Iron and Steel Institute (SEAISI), semi-finished steel imports to ASEAN (Association of Southeast Asian Nations) countries surged significantly from 5.2 million mt in the first nine months of 2011 to 7 million mt in the same period of 2012, increasing 35 percent year on year.
The SEAISI report also reveals that ASEAN countries still rely heavily on imports of ferrous scrap. The region's scrap imports in the first nine months of 2012 increased by six percent year on year to 5.5 million mt. Scrap exports from ASEAN countries declined from 1.4 million mt in the first nine months of 2011 to 1.2 million mt in the same period of 2012, while the two net exporting countries in the region were the Philippines and Singapore.