More than 400 major industry players from the Asian steel sector, including industry experts, associated trade associations and government representatives joined the 2024 Southeast Asia Iron and Steel Institute (SEAISI) Conference and Exhibition in the central city of Da Nang.

Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.

Steel demand in Thailand, Malaysia, Indonesia, the Philippines and Vietnam are expected to maintain a growth rate of 6 percent next year despite exposure to China’s steel exports.