ASEAN steel demand will reach 87.9 million metric tons in 2026, an 8.2% rise from 2024. Vietnam leads growth after 21% expansion in 2024. However, imports capture 60% of the regional market, pressuring local mills. The Iran war threatens energy supplies, as four ASEAN nations hold strategic oil reserves of 40 days or less. SEAISI urges balancing growth with sustainability & resilience.