Yen exchange rate steeply rose to 75-76 yen per US dollar level on March 17th, much stronger than previous record 79.75 yen per US dollar in April 1995. Fast-pace appreciating yen hits Japanese economy to start instauration from Tohoku-Kanto Earthquake. Japanese steel makers have recently focused on export business to cover weak domestic demand. Too strong yen trend should lead to Japanese steel industry’s output plan changes, sales reduction or profit slippage for export business. Japanese integrated and electric furnace steel makers are seriously concerned on the market movement.
Japanese integrated steel makers aim to raise export price of steel products, mainly steel sheets, by over US$ 250 per tonne for shipment in and after April in order to reflect raw material cost upsurge. However, Chinese steel market price currently turned down and Asian steel market price hit ceiling. Strong yen impacts Japanese steel makers’ hike offers and integrated steel makers are forced to make difficult choice, sales volume or price, according to Japanese large dealer source. Strong yen also affects end-users’ production activities. Mr. Toshiyuki Shiga, CEO of Nissan Motor, announced on Thursday present yen rise is hardly understandable which should be led not by Japanese economy fundamentals but speculative factors.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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