Japan's crude steel production falls by 0.9% y-o-y in Nov'23

The Japan Iron and Steel Federation (JISF) reported that, Japan's domestic crude steel production fell by 0.9% y-o-y to 7.11 million tonnes (mnt) in November 2023, this marked the first y-o-y decline in two months.

Cumulative production down

The cumulative production volume for January-November 2023 reached 80.02 mnt, down by 2.8% y-o-y compared to the same period last year. The JISF expects the full-year 2023 production (January-December) to remain around 87 mnt.

There was a 1.6% y-o-y decrease in the volume for April to November 2023, with the total reaching 58.39 mnt.

Production and sales by steel type

Converter steel output fell by 1.6% y-o-y to 5.09 mnt in November 2023, marking the first decline in three months. Meanwhile, electric furnace steel production inched up by 0.9% to 2.02 mnt, the first increase in 16 months. Ordinary steel sales edged down by 2.9% y-o-y to 5.4 mnt, while specialty steel sales surged by 6.2% to 1.7 mnt, marking the second straight month of gains. Overall steel production, as measured by hot-rolled steel, fell 5.8% y-o-y to 6.1 mnt, marking the second consecutive month of decline.

Conclusion

The overall production decline raised concerns, some positive trends offer hope for future growth. The continuation of declines in hot-rolled steel production needs to be monitored as it is a key indicator of overall construction and manufacturing activity.

Note: This article has been written in accordance with an article exchange agreement between Japan Metal Daily and SteelMint.