Japanese Ministry of Economy, Trade and Industry prepared for monitoring system for steel import when China increases steel output and export. Chinese raw steel output increased to 35.934 million tonnes in May, which was 6.6% up from April and 19.6% up from a year earlier, and the country increases steel export to Japan, Europe and USA. METI has considered introducing monitoring system and shortened the lead time for import statistics to 10 days from traditional a month. With request from Japanese steel industry, METI can start the system just after consultation with other governmental divisions. China tries to close old and not-environmental friendly iron and steel making facilities under the policy of National Development and Reform Commission when the country produces steel more than the demand and has overcapacity. The steel makers increase the output under recover of the Asian market price while the makers try to integrate the steel makers and to build new capacity. The makers increase the export with the higher output increasing potential risk for oversupply for steel market in Japan, Europe and USA.
Japan Steel Scrap Composite Prices (Sangyo Press)03/30/2023
|52800YEN (-)||54000YEN (-)|
|395.36US$ (-3.79)||404.34US$ (-3.88)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)
- JMB Tieup company
- The Korea Metal Journal
- Steel on the net