Japan crude steel production may decline 2-3 mmt in 2012: JISF

Metal Recycling News  |  2012-02-22 05:06:53   |   By

Japan crude steel production dropped sharply by 10.6% year-on-year to 8.63 million metric tons in January and up by 2.7% month-on-month, according to statistics released by the Japan Iron and Steel Federation (JISF).

TOKYO (Scrap Monster): Japan crude steel production dropped sharply by 10.6% year-on-year to 8.63 million metric tons in January and up by 2.7% month-on-month, according to statistics released by the Japan Iron and Steel Federation (JISF).

According to JISF, Nippon Steel and JFE Steel, two giant steel-makers in Japan, cut the exports due to sharply appreciated Japanese Yen and severe floods in Thailand.

The South Korean Posco and Chinese Baosteel have been benefited from the appreciated Japanese Yen. The two companies offered competitive prices in export markets, forcing Japanese steelmakers to reduce production.

JISF expected that Japan’s crude steel production in 2012 would decrease by 2 million metric tons or 3 million metric tons from 107.6 million tons in 2011.