Japan Steel Export increases by 7.8% in August

Japanese steel export increased by 7.8% to 3.555 million tonnes in August from July, announced by Ministry of Finance on Monday. The export hit the monthly record as August. The export represented first month-to-month minus in July after 3 months while upturned in August thanks to strong steel demand in NIES, South Korea or Singapore. Chinese steel export has decreased since July and Asian steel supply tightened. International steel market price upped since Chinese steel makers raised their selling prices in September. Japanese steel export is expected to keep the high level in September despite of strong yen rate.

Chinese steel export downturned in July when Chinese government carried out steel export reduction measure. The export decreased by 39% in August from July. On the other hand, steel demand in South Korea or China keeps firm such for steel plate applied to shipbuilding, steel sheet used for automobiles and appliances, or steel products used for building and civil engineering. By yeart-o-year comparison, the export increased by 4.9% in August, plus for 13 consecutive months. Average export price downed by 6.5% to FOB 87,490 yen per tonne in August from July. Steel export value decreased by 0.8% to 311.029 billion yen.

The export for Asia increased by 9.6% to 2.906 million tonnes in August from July. The export increased by 17.8% to 1.333 million tonnes fro NIES, by 0.7% to 600,000 tonnes for China and by 8.7% to 945,000 tonnes for ASEAN.

Japanese steel import volume decreased by 2.4% to 603,697 tonnes in August from July, minus for 2 months in a row. Average import price decreased by 1.1% to 111,910 yen per tonne. The import value lowered by 3.4% to 67.56 billion yen. The import volume from Asia decreased by 9.4% to 422,282 tonnes, minus by 25.7% to 104,620 tonnes from China and minus by 1.1% to 294,180 tonnes from NIES.