Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The Myanmar government has shortlisted five companies to form a joint venture with the State-owned steel plant in Myingyan.

Myingyan Steel mills in Mandalay Region has an estimated capacity of 1.8mn mt per year but production was stopped owing to major losses.


The firms selected by the ministry to take part in the joint venture include Sinosteel Equipment and Engineering Co limited, Go Excellent Myanmar Co limited, Millcon Thiha Co limited, Direct Investment limited, and IMR Resources (AG) India Private Limited.


The ministry had approached both domestic and foreign investors to re-start works at the Myingyan steel plant in January 2020.


Myanmar’s construction sector consumes the bulk of it’s steel requirements, with rebars accounting for 60pc of the demand, followed by 30pc galvanized sheet and color coated sheet and 10pc hot-rolled plates and sheet.


Myanmar relies on imports to meet steel requirements. 


Steel demand in Myanmar was expected to increase by 30.7% on year to 3 million tonnes this year, but the projection was made on the basis of normal market development, Myanmar Iron and Steel Association said at a SEAISI e-conference. However, COVID-19 pandemic has affected the country’s steel sector since demand decreased as construction activity, although resumed, has slowed down.

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