Japan's JFE cuts production to stabilize prices
Time:Tue, 08 Nov 2022 09:38:52 +0800
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Japan's JFE announced that it will lower its annual crude steel production and raise its profit target for the whole year.
JFE has agreed to reduce production to stabilize the price and declare confidence. JFE's move, also the first announced by Asian mills, contrasts with South Korea's continued production, China's inefficiencies, and Taiwan and Vietnam's reductions in blast furnace load. JFE stressed that it had made more progress than expected in raising product prices after adjusting production volumes and planned to accelerate the transfer of various costs to customers in the second half of the year.
The global economic situation is particularly focused on demand from China, which is expected to recover from the latter part of the second half. However, a recovery in China's crude steel production and auto production might be impacted by a slowdown global economy
