Crude steel production for Japan remained low in the month of March as compared to February due to the impact of COVID-19 which reduced then steel demand from the manufacturing sector.
According to data released today by the trade and industry ministry Japanese steel mills produced 7.9mt of crude steel in March, a decrease of 13pc from a year earlier but steady from February. The total output from January-March was 24.1mt, a decrease of 3pc from a year earlier.
Total output from April 2019-March 2020 was 98.4mt, a decrease by 4pc from 2018-19. The 2019-20 output was the lowest since 96.4mt in 2009-10 owing to the global financial crisis.
It looks like the Japanese crude steel output may shrink further in 2020-21 without a quick recovery in economic and manufacturing activity from the impact of Covid-19. The country is in a nationwide state of emergency and is likely to get extended beyond May 6 as the spread of the coronavirus has failed to slow down markedly.
Source: argusmedia.com
