Japan Steel Export to Hit Record in 2010

Japanese steel export increased by 29.7% to 39.67 million tonnes in January-November from same period of 2009, announced by Ministry of Finance on Wednesday. The export would exceed 40 million tonnes for 2010 compared with record 38.13 million tonnes in 2008. The annualized export would be more than 43 million tonnes, which is around 26% higher than the export in 2009. The export increased by 5.1% to 3.548 million tonnes in November from October, which was monthly record as November, due to strong demand in Asia.

Japanese steel makers increase the dependence on the export, which represents 40% of the raw steel output, under strong demand in emerging countries despite of the higher yen rate.

The steel export kept high level in November due to strong demand mainly for high valued steel products for Southeast Asian transplants of Japanese automobile and appliances makers while the export decreased slightly in October due to shipping timing adjustment. The averaged export price decreased by 2.8% to FOB 84,920 yen per tonne in November, which decreased for the first time in 2 months under decreasing international market.

The export increased by 3.8% to 2.99 million tonnes for Asian countries, which represented more than 80% of the total export, in November from October. The export increased for the first time in 2 months. The export increased by 6.0% to 1.302 million tonnes for Asian newly industrialized economies, by 0.3% to 949,000 tonne for Association of Southeast Asian Nations and by 7.6% to 636,000 tonnes for China.

Japanese steel import increased by 0.5% to 620,859 tonnes in November from October, which increased for 2 months in a row. The volume was 6.8% higher than a year earlier. The averaged import price increased by 4.7% to CIF 115,033 yen per tonne from October. The import increased by 11.2% to 480,341 tonnes from Asian countries, which represented 70% of the total import. The import increased by 3.9% to 117,083 tonnes from China and by 15.1% to 340,481 tonnes from Asian NIES.