Japan's annual steel production decreases

Steel output in Japan, the world's third-largest steel producer, decreased 8.1% in fiscal 2022/23 as a slowdown in automobile production hit demand and exports weakened, reflecting sluggish overseas economies.

Not seasonally adjusted output decreased to 87.85 million tons in the fiscal year ended March 31, the first annual decrease in two years, the Japan Iron and Steel Federation said on Friday.

Steel output in the January-March quarter decreased 6.0% to 21.62 million tons.

Output in March decreased by 5.9% y-o-y to 7.49 million tons, marking the 13th consecutive month of decrease despite an 8.2% increase since February.

Japan's crude steel output is forecast to decrease 4.6% to 21.92 million tons in the April-June period, the Ministry of Economy, Trade and Industry (METI) said this month.

But Nippon Steel Corp, Japan's biggest steelmaker, expects a modest increase in crude steel output in the fiscal year starting this month after last year's decrease, vice president Takahiro Mori said in March, predicting a increase in auto production after supply chain problems eased.