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Japan's crude steel production will increase in the 2023-24 fiscal year

The Institute of Energy Economics, Japan (IEEJ) predicts that Japanese crude steel production will increase in the fiscal year April 2023-March 2024, spurred by high domestic steel demand.

Japan's crude steel production will increase in the 2023-24 fiscal year

Domestic demand for steel is expected to rise following the global recovery in auto production, the government think tank said in its latest outlook. This corresponds to higher crude steel production, which the IEEJ has set at 94 million tons in 2023-24, rising 1.5% from the previous year.

The IEEJ said crude steel output will be higher than 2022-23 despite major domestic steelmaker JFE Steel's plans to suspend operations at one of its blast furnaces in the Keihin district of Kawasaki city, an industrial zone next to Tokyo.

However, the think tank added that crude steel production will not exceed the 95.6 million tons recorded in 2021-22 because domestic automobile production will continue to be curtailed by semiconductor shortages.

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