The Quake Reduces Japan Steel Export in April

Japanese steel export was 3.381 million tonnes in April, which was 2.5% lower than a year earlier and 17.1% lower than March, announced by Ministry of Finance on Wednesday. The export decreased when the major earthquake damaged Sumitomo Metal Industries’ Kashima works and other steel operations while offshore transplants of automakers reduced the operation rate due to limited supply of the parts. The averaged steel export unit price increased by 4.9% to FOB 93,404 yen per tonne from March, which increased for 3 months in a row.

The steel export decreased by 2.4% to 2.797 million tonnes for Asia in April from a year earlier. The export decreased by 15.2% to 564,000 tonnes for China and by 3.9% to 1.251 million tonnes for Asian Newly Industrialized Nations. The export decreased by 24.8% to 101,000 tonnes for Middle East. However, the export increased by 16.4% to 959,000 tonnes for Association of Southeast Asian Nations when Japanese major steel secure stable buyers through investment in rerollers in the area.

Japanese steel import was 654,250 tonnes in April, which was 2.5% lower than a year earlier and 2.4% higher than March. The import increased from March when some of the users increased the import under damaged domestic plants and with expectation for higher demand for the rebuilding. The averaged import unit price decreased by 1.9% to CIF 113,143 yen per tonne from March.