Data from the World Steel Association reveals that total steel production in Asia and Oceania plummeted by 3.6% in January 2024, reaching 107.6 million tons. This decline is attributed to weak demand and high raw material prices in the region.
However, despite this unfavorable trend, Japan delivered exceptional performance. In January 2024, Japan's crude steel production reached 7.3 million tons, marking a 0.6% increase compared to the same period the previous year. Surpassing other successful countries like the United States, Russia, and South Korea, Japan secured the third position in the global crude steel production rankings for January. This increase underscores the resilience of Japan's iron and steel sector, contrasting with the overall sluggishness in the global steel market.
In the January global crude steel production rankings, China led with 77.2 million tons, followed by India with 12.5 million tons.
Currently, Japan stands as the world's third-largest steel producer and represents a significant export source for the steel sector. Japan's steady steel production plays a critical role in maintaining balance in the global steel supply.
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