Japan Steel Export Hits Second High Record in F2011 despite Drop

Japanese steel export decreased by 8.4% to 39.608 million tonnes in fiscal 2011 ended March 2012 from fiscal 2010, announced by Ministry of Finance on Thursday. The export decreased from the highest record in fiscal 2010 due to supply chain disruption just after the major earthquake and weak offshore market price. However, the export hit the second highest record when Japanese steel industry seeks offshore users to meet domestic users’ production shift to offshore countries and decreasing domestic market.

The export decreased by 11.4% to 31.564 million tonnes for Asia in fiscal 2011 from fiscal 2010. The export decreased by 14.8% to 6.385 million tonnes for China. The export decreased by 17.5% to 12.885 million tonnes for Newly Industrializing Economies (NIEs) and by 3.0% to 11.091 million tonnes for Association of Southeast Asian Nations (ASEAN). Despite the decrease in Asia, the export increased by 27.2% to 2.075 million tonnes for USA when US authorities revoked antidumping duties on import of some items from Japan. The export increased by 16.8% to 1.615 million tonnes for Middle East. Japanese steel industry apparently found new export destination.

The export decreased by 4.8% to 3.856 million tonnes in March from a year earlier. The export represented year-on-year decrease for 13 months in a row but the export was 20.7% higher than the figure in February. The export is increasing since January in line with rebound of the price in Asian market.