Japan: Steel exports rise nearly 10% y-o-y in Oct'23

Japanese steel exports increased by 8.7% y-o-y to 2.6 million tonnes (mnt) in October'23, which is around 30,000 tonnes (t) more than the previous month, as per data released by the Ministry of Finance.

The hike in exports was driven by shipments to remote areas where relatively high prices were available. Some shipments were also delayed to October due to the impact of typhoon in September.

However, the outlook for steel exports remains uncertain. The EU has exhausted its quarter (quantity quota) for this year and Turkiye has begun an anti-dumping survey on imports of hot-rolled coil, including those made in Japan.

Export geographies

ASEAN saw an increase of 3.3% to 897,000 t, marking the first increase in two months. However, South Korea sales fell by 9.8% to 436,000 t, the first decline in four months, while China's were down 15% to 241,000 t, marking the 20th consecutive month of y-o-y declines.

Steel exports outside Asia continued to grow, with shipments to the EU rising by 6% to 128,000 t, marking the sixth consecutive month of expansion. However, the pace of growth slowed significantly m-o-m. Exports to the US and the Middle East also showed strong growth, increasing 44.5% and 30.2% y-o-y to 98,000 t and 99,000 t, respectively.

Steel imports rise

On the other hand, steel imports rose by 15.9% to 682,000 t. This is the fourth consecutive month when imports have exceeded 600,000 t. South Korea had the highest increase in imports, with a growth of 31.3% to 341,000 t. China also saw a slight increase of 5.8% to 117,000 t. However, imports from the ASEAN fell by 1% to 33,000 t.

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