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TOKYO (Scrap Monster): Japanese steel product exports declined sharply by 16.1% year-on-year to 2.91 million metric tons in January 2012 and down by 5.8% month-on-month, according to statistics released by the Japan’s Ministry of Finance.

According to the data, Japanese steel export continued to decline due to weak demand from overseas.

Revenue of steel products also declined by 9.7% month-on-month, in January, reflecting the fact that appreciated Japanese Yen against the US dollar has affected Japanese steel mills’ profits severely.