Japan's steel production is expected to weaken

According to a statement, there will be an increase of 1.7% compared to the same period last year, but still remain below 22 million tons.

METI is expecting domestic demand to remain stable, but there is a risk of a slowdown in the industrial machinery sector, dependent on foreign demand. The possibility of a decrease in steel consumption due to developments in Europe and China is also noted.

JISF's raw steel production forecast for the next fiscal year is set to remain at the same level as the current fiscal year. In the last fiscal year, raw steel output fell to 87.84 million tons, and according to METI's forecast, raw steel output in Fiscal Year 2023 and Fiscal Year 2024 is expected to fall below 90 million tons.

Raw steel production in Japan fell 5.3% to 7.11 million tons last month from October. According to METI's prediction, output in Fiscal Year 2023 will be around 87.6 million tons, which will be below the 90 million ton limit.