Japan's Steel Exports Managed to Recoup in May

SEATTLE (Scrap Monster): The preliminary statistics published by the Japanese Ministry of Finance (MoF) suggests recovery in iron and steel exports by the country in May this year, when compared with the prior month.

According to MoF data, the exports totaled 3.011 million tonnes (mt) during the month, higher by more than 11% when compared with the exports which had totaled 2.702 mt in April 2019. However, the exports were down when compared with the same month a year before by 5.7%. The country has been reporting reduced export volumes during recent months, mainly on account of robust domestic demand and weak demand in international market on account of tough competition from other countries.

The primary destination of iron and steel exports from Japan was Asian region. The exports to Asian countries totaled 2.444 mt, accounting for more than 81% of the total Japanese exports during the month. Among Asian countries, Korea and China reported growth in import volumes from Japan. The exports to China and Korea were up by 18.6% and 6.4% respectively, MoF data said.

The exports to Asean region registered 14% decline year-on-year to total 938,000 tonnes. The data suggests significant drop in demand from Thailand, which has been a major importer during the past several months.

Meantime, Japanese steel imports recorded marginal rise by 0.3% to 710,964 tonnes in May this year. The major sources of import were Korea (302,848 tonnes) and China (136,186 tonnes).