Import Steel Stock Drops by 13% in Tokyo and Osaka

Imported steel inventory at water front of Tokyo and Osaka decreased by 34,000 tonnes or 13.2% to 222,000 tonnes at the end of July from June, which was the first drop in 2 months, announced by Hanwa Co. on Friday. The inventory was 172,000 tonnes or 43.5% lower than July 2005. The stock was the lowest level in 2 years with sharp drop of new import arrivals. The inventory decreased by 22,000 tonnes or 12% to 161,000 tonnes in Osaka at the end of July from June. The inventory decreased by 7,000 tonnes or 23.3% to 23,000 tonnes for plate, by 3,000 tonnes or 6.9% to 40,000 tonnes for hot rolled coil and by 12,000 tonnes or 10.9% to 61,000 tonnes for cold coil. The inventory decreased by 12,000 tonnes or 16.4% to 98,000 tonnes in Tokyo at the end of July from June. The inventory decreased by 3,000 tonnes or 20% to 12,000 tonnes for plate, by 7,000 tonnes or 21.8% to 25,000 tonnes for hot coil and by 2,000 tonnes or 7.6% to 24,000 tonnes for cold coil. The imported steel inventory decreased when the major sources of steel makers in Taiwan and South Korea reduce the shipment for Japan and Japanese buyers are reluctant to buy relative higher priced Chinese steel products. An importer source said the inventory could keep the low level in the year.