Japan’s crude steel output falls y-o-y for 13 consecutive months

According to the Japan Iron and Steel Federation (JISF), Japan's crude steel output totaled around 7.2 million tons in January this year, increasing by 4.6% compared to the previous month but falling by nearly 7% from the same month a year ago. The output has fallen year on year for 13 consecutive months. Market participants said that the demand for steel was still sluggish because the recovery of automobile production was slower than expected and foreign demand was still weak. In January, the pig iron production in Japan was approximately 5.3 million tons, a month-on-month hike of 5.2% and a year-on-year drop of 8.2%.