According to the World Steel Association, in 2021, the Philippines imported 7.2 million tons of steel from major steel producing countries such as China, India, Japan, and South Korea. In 2022, the Philippines imported steel and iron from China (2.18 billion USD), Japan (747.28 million USD), Indonesia, Russia and Vietnam (328.43 million USD).
As the Philippines is an emerging economy with several large developments underway and steel is essential in the constructions of houses, buildings, roads, bridges, and lately of solar farms, the share of the infrastructure sector in the country’s GDP has seen a significant increase, from 3-4% five years ago to 5.5-6% in 2023.
This trend is expected to continue as much infrastructure development is still necessary in the Philippines and with ready investments from both local and overseas partners.
When buying, make sure you are buying quality steel with the quality mark.
21st Century Steel Mill, Inc. 