Japan Steel Export Decreases, Import Increases in May

Japanese steel export totaled 3.29 million tonnes in May, which decreased by 2.7% from April and represented month-to-month minus for 2 months in a row, according to Ministry of Finance. By year-to-year comparison, the export decreased by 8.0% and represented minus for 3 straight months. The export decreased when Japanese automakers lowered operation rate at their overseas plants. The export unit price was FOB 93,281 yen per tonne, which downed by 0.1% from April and decreased after 4 months.

The export to Asian countries decreased by 0.7% to 2.777 million tonnes in May from April. The export to China increased by 1.1% to 570,000 tonnes where Japanese automakers accelerated operation recovery. Meanwhile, the export decreased by 2.3% to 1.222 million tonnes for NIES and decreased by 1.9% to 941,000 tonnes for ASEAN. The export to Middle East dropped by 25.7% to 75,000 tonnes.

On the other hand, Japanese steel import increased by 9.4% to 715,969 tonnes in May from April and represented month-to-month plus for 3 straight months. By year-to-year comparison, the import increased by 16.0% and turned to plus after 2 months. Some of Japanese importers increased import procurement while offshore steel makers such in South Korea actively increased order receiving activities for restoration demand in disaster areas.

The import from Asian countries increased by 4.5% to 562,717 tonnes in May from April. The import from NIES increased by 6% to 361,650 tonnes while the import from China increased by 5.8% to 142,749 tonnes. The import from ASEAN doubled in April while continued to expand by 2.2 times to 32,802 tonnes in May.

The import unit price was CIF 114,181 yen per tonne, which upped by 0.9% from April and increased after 2 months.