Japan Crude Steel Output In Oct-Dec Quarter May Rise On Increasing Local Demand - METI

- Oct 12, 2018-

Reuters reported that Japan’s crude steel output for the October to December quarter is expected to rise from a year earlier on solid local demand for automobiles as well as industrial and construction machinery. The Ministry of Economy, Trade and Industry estimated crude steel output would rise to 26.45 million tonnes for the three-month period, up 0.2 percent from a year earlier. This follows a small year-on-year drop in the previous quarter. The ministry said that demand for steel products, including those for exports, is forecast to rise to 23.69 million tonnes in the October to December quarter, up 0.3 percent from a year earlier.

Mr Noriyuki Kuroda, director of the metal industries division at the ministry said that METI’s forecast does not foresee any major impact from the tariffs. He said that “Japan’s steel export to the United States is slightly weakening recently, but that’s because of strong domestic demand and not because of the US tariffs.”

Exports, which typically account for about 40 percent of Japanese steel production, are forecast to increase 0.5 percent from a year ago during the period, the ministry said, shrugging off higher US import tariffs on steel and an escalating US-China trade spat.

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