Japan Steel Import Hits 3-Year High in October

Japanese steel export decreased by 0.3% to 3.365 million tonnes in October from a year earlier, announced by Ministry of Finance on Monday. The export decreased for 8 months in a row due to slow Asian demand and high yen rate while the volume was 3.0% higher than September level. Japanese steel import increased by 28.4% to 793,954 tonnes in October from a year earlier. The import increased for 6 months in a row and hit the largest monthly volume since October 2008.

The averaged export price decreased by 3.1% to FOB 89,955 yen per tonne in October from September, which decreased for 3 months in a row. Lower market price in China impacted on the price in Asian market in October. The export decreased by 3.4% to 2.782 million tonnes for Asia from a year earlier. The export could decrease more when Thai flood impacts on the shipment.

The averaged import price decreased by 12.4% to CIF 113,410 yen per tonne in October from September, which decreased for the first time in 6 months. The import increased by 50.9% to 652,319 tonnes from Asia compared with the figure in a year earlier.