Japan’s January crude steel output down by 10.6% y-o-y
According to statistics released by the Japan Iron and Steel Federation (JISF), Japan’s crude steel output totaled 8.63 million tons in January, down by 10.6% year on year while increasing by 2.7% from a month earlier.
It’s known that the two major steelmakers in Japan, Nippon Steel and JFE Steel cut the exports due to sharply appreciated Japanese Yen and severe floods in Thailand.
It’s said that 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.
Meanwhile, JISF predicted that Japan’s crude steel output in 2012 would decrease by 2 million ~ 3 million tons from 107.6 million tons in 2011.
News Date 22 Feb 2012 14:03:43 reported by Shelley