Japan Steel Export Hits Record in 2010

Japanese steel export hit the record in 2010. The export increased by 25.9% to 42.997 million tonnes in 2010 from 2009 topping 38.13 million tonnes in 2008, announced by Ministry of Finance on Thursday. The export increased for the first time in 2 years. Integrated steel makers increased the export to Asian countries. The export rate was 39.2% to raw steel output.

Japanese steel export to Asia increased by 23.5% to 35.778 million tonnes in 2010 from 2009. The export to Association of Southeast Asian Nations increased by 47.0% to 11.299 million tonnes. The export to ASEAN significantly increased due to growth in automobile and electronics production while Nippon Steel and JFE Steel gained stable users in ASEAN through investment in rerollers in 2010.

The export decreased by 4.0% to 3.661 million tonnes in December from a year earlier. However, the export increased by 3.2% from November. Despite the yen appreciation, the export is expected to stay high due to market price increase in Asia. The averaged export price to Asia increased by 4.1% to FOB 88,434 yen per tonne in December from November.

Japanese steel import increased by 57.6% to 6.926 million tonnes in 2010 from 2009, which increased for the first time in 2 years. Japanese steel users increased the import due to yen appreciation. The import from Asia increased by 56.4% to 5.121 million tonnes in 2010 from 2009. The import from China increased by 83.3% to 1.307 million tonnes.

The import in December increased by 21.9% to 552,000 tonnes from a year earlier. The import decreased by 11.0% from November. The averaged import price increased by 7.3% to CIF 123,552 yen per tonne in December from November.