Japan Steel Export Decreases by 2.9% in August

Japanese steel export decreased by 2.9% to 3.454 million tonnes in August from a year earlier, which decreased for 6 months in a row, announced by Ministry of Finance on Wednesday. The export is slow due to historical high yen exchange rate at 76-77 yen per US dollar and low global steel market price. However, the export increased by 5.1% from July, which increased for the first time in 2 months due to output recovery of Japanese car makers’ transplants in China and Southeast Asia. The export would decrease in and after September when domestic major steel makers are reducing the export volume for higher price.

The averaged export price decreased by 3.8% to FOB 91,420 yen per tonne in August from July, which decreased for the first time in 2 months. Japanese makers reduced the price when Chinese and South Korean steel makers increased the export under weak market price. Japanese export volume decreased by 2.0% to 28.125 million tonnes in January-August from same period of last year.

Japanese steel import increased by 8.6% to 655,557 tonnes in August from a year earlier, which increased for 4 months in a row. The import increased by 1.3% from July, which increased for the first time in 3 months. The averaged import price increased by 5.0% to CIF 129,217 yen per tonne in August from July, which increased for 4 months in a row. The import increased by 11.6% to 5.141 million tonnes in January-August from same period of last year.