Nippon Steel and JFE Steel announced on Friday they agreed in the mutual supply of semi-finished steels for the stable supply of steel products to the users. They utilize each other’s capacity when the supply and demand balance changes in short time or their capacities temporarily lower by blast furnace refinement. Mutual supply of semi-finished steels is common among steel makers but this is the first cooperation between Nippon Steel and JFE Steel.
They started to consider the cooperation in November 2009. During the negotiation, Chiba area of JFE Steel’s East Japan iron works got a fire accident. As a result, the negotiation progressed and concluded in late January. Nippon Steel mainly supplies slabs to JFE Steel. JFE Steel mainly supplies blooms to Nippon Steel. Nippon Steel has already started slab supply used for steel sheets to Chiba area of JFE Steel’s East Japan iron works. JFE Steel will start bloom supply used for shaped steels from West Japan iron works within this month. Nippon Steel joins in another cooperation to supply semi-finished steels with Sumitomo Metal Industries, Kobe Steel, Nisshin Steel and POSCO of South Korea. Japanese steel makers had reduced their outputs widely due to the global economy deterioration. Recently the supply and demand balance of steel products has tightened in Asia and domestic market mainly for high quality products. Nippon Steel and JFE Steel’s crude steel output has recovered to 90% of the peak level in 2008.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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