Japan: Steel exports register 2.8% y-o-y decline in Jan'22

Japan's total steel exports fell 2.8% y-o-y to 2,368,000 tonnes (t), according to the preliminary trade data released by the country's Ministry of Finance on 17 Jan'22. This is the first time in about three years that the exports have fallen below 2.4 million tonnes (mnt), due to challenges faced by blast furnaces.

In January, when negotiations are conducted, major blast furnaces such as Nippon Steel Corporation and JFE Steel Corporation were cautious about concluding contracts for exports. It seems that some technical issues also affected export shipments. In February, there was a regular repair of the hot-rolled mill in the Oita area of Nippon Steel and Kyushu Works, and the full-scale revival in export volumes is likely to occur after the Mar-Apr'22 shipment negotiations when the market growth scenario will become more clearer.

Steel exports country-wise

ASEAN steel exports fell 19.4% to 755,000 t for the first 10 months in Jan'22. South Korea's exports, increased by 22.7% to 399,000 t, marking the eighth consecutive month of growth.

China's output declined 24.8% to 295,000 t, falling below 300,000 t for the first time since January 2001. China's output fell 24.8% to 295,000 tons, falling below 300,000 tons for the first time since January 2019.

In addition, shipments to the Middle East doubled to 78,000 t, those to the US increased by 18.6% to 76,000 t, and those to the EU increased by 2.6% to 7,000 t.

Steel imports country-wise

Imports to the Middle East doubled to 78,000 t, those to the US rose 18.6% to 76,000 t, and those to the EU increased 2.4 times to 65,000 t.

Total steel imports rose 17.5% to 619,000 t, the third consecutive monthly increase. Total steel imports from South Korea decreased by 1.1% to 281,000 t, those from China increased by 53.6% to 88,000 t, and those from the ASEAN countries increased by 2.5% to 1,000 t. Imports from South Korea fell 1.1% to 281,000 t, those from China rose 53.6% to 88,000 t, and those from ASEAN rose 67.8% to 47,000 t.

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