Asian Steel Industry Keeps Firm, Japan Steel Top Official

Chairman Shoji Muneoka of Japan Iron and Steel Federation said at monthly press conference on Monday domestic steel market is still firm except for building applications. The president of Nippon Steel said the Asian market keeps firm while the demand slows for housing market in North America. However, the industry should be cautious when the uncertainty increases due to the North American slow economy. Mr. Muneoka said the domestic emission trading test will start in autumn for a part of actions to reduce global warming but Japanese steel industry is still cautious when the detail is unknown. He said the interest parties should keep discussing the benefit and equal footing system. Mr. Muneoka said the federation still opposes mega merger of BHP Billiton and Rio Tinto and submitted opposition opinion to competition authorities in Europe, Australia and USA. Mr. Muneoka said Nippon Steel’s iron ore price negotiations with Australian suppliers are still ongoing and the firm is still resisting higher price than 65% hike agreed with Vale of Brazil.