Japan's crude steel production drops nearly 3% y-o-y in April'24

Japan's crude steel production dipped 2.5% y-o-y in April 2024 compared to the same month last year, reaching 7.055 million tonnes (mnt). This marks the second consecutive month of decline. This reflects weak demand for steel both domestically and internationally, leading to sluggish production by steelmakers.

Daily production at low levels

Daily crude steel production in April saw a slight increase by 3,000 tonnes (t) m-o-m from March, climbing to 235,000 t. Despite this, the annualised output remained low at 85 mnt.

Production by steelmaking route

Production across different steelmaking methods witnessed a decline. Converter steel and electric arc furnace steel production fell by 2.9% and 1.4% y-o-y to 5.119 mnt and 1.935 mnt, respectively. The number of converters in operation decreased for the second consecutive month, while electric furnaces witnessed a decline for the first time in six months.

Production by steel type

Similar trends were observed in the production of ordinary and specialty steels. Ordinary steel production reached 5.554 mnt, down 2.3% y-o-y, while specialty steel production reached 1.501 mnt, down 3.3% y-o-y. Both categories have seen a decrease for the second consecutive month.

Hot-rolled steel production declines

Production of hot-rolled steel, a key steel product, also declined by 4.8% y-o-y to 5.972 mnt. Ordinary hot-rolled steel production witnessed a slightly lower decline of 5.1% y-o-y at 4.791 mnt.

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