Japanese integrated steel makers are concerned about rising yen exchange rate. The exchange rate rapidly strengthened on November 26th and reached 86 yen per dollar. Stronger yen would impact their profits though their outputs are rebounding thanks to export. In addition, Japanese manufacturing industry, the main users of Japanese steels, may shift productions to overseas if yen stays high.
An integrated steel maker source said hot coil export price is currently FOB US$ 500-550 per tonne, below 50,000 yen per tonne at 86 yen per US dollar. The source said they can hardly reach breakeven point. Japanese integrated steels started hot coil price negotiations for January-March exports. They need to offer price hike through hard negotiations. Meanwhile, Japanese electric appliance makers are increasing offshore operations. Other steel users, such as automakers, construction machine or industrial machine makers, may also shift their productive works to overseas. Nissan Motor has built up output capacity in China, while planning to start production of global standard small cars in Thailand in March 2010. Suzuki Motor will restart a new plant construction for eco cars in Thailand. Japanese car demand is expected at around 4.3 million cars for fiscal 2009 ending in March 2010, according to Japan Automobile Manufacturers Association. Domestic output is forecasted at around 8.9 million cars, 4.5 million cars of which would be exported.Japan Steel Scrap Composite Prices (Sangyo Press)
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