Japan crude steel output rises for a third straight month in January

Date: Wednesday, February 21, 2018
Source: Hellenic Shipping News

Japan’s crude steel output in January rose 0.3 percent from a year earlier to 9.03 million tonnes, the third straight month of year-on-year increases and the highest in a year, the Japan Iron and Steel Federation said.

Output, which is not seasonally-adjusted, increased 3.5 percent from December.

“Steel production is on the recovery after suffering from glitches at some steel plants,” said a researcher at the Federation, who asked to remain unidentified.

“Steel demand at home from automakers and other manufacturers as well as construction customers remains strong,” he said.

Japanese steelmakers are enjoying the best market conditions in at least three years. Steel prices have risen on increased production by automakers, while construction is in full swing for Tokyo’s 2020 Olympics and a series of redevelopment projects in the Tokyo metropolitan area.

Nippon Steel & Sumitomo Metal Corp and JFE Holdings Inc are making hefty investments in ageing domestic plants as problems at their plants have prevented them from manufacturing as much steel as they would have liked.

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