Japan's steel exports up 2.5% y-o-y in Feb'23

Japan's steel exports rose 2.5% y-o-y to 2.602 million tonnes (mnt) in February 2023. This marks a slight increase for the second consecutive month.

In February, business negotiations took place at a time when export inquiries were increasing and the global steel market had bottomed out as a result of China's lifting of Covid curbs.

Exports by destination
Exports to the ASEAN increased by 4.3% to 853,000 t and to South Korea by 16.4% to 536,000 t. Exports to the EU increased by 2.4% to 133,000 t. While exports to the US increased by 38.1% to 107,000 t, shipments to the Middle East rose by 68.8% to 32,000 t.

Meanwhile, export volumes to China fell by 40.3% to 232,000 t, marking the 12th consecutive month of y-o-y decline.

Japan's total steel imports increased by 4% to 566,000 t, the first increase in six months.

Furthermore, export volumes are likely to increase from March onwards with the completion of the regular renovation of the hot-rolled mill of Japan Steel, which is being carried out in the Oita area of the Kyushu Works.

Note: Export volumes mentioned are provisional

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