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According to data from the Japan PT520NH steel Iron and Steel Federation (JISF), due to weak domestic and export market demand, Japan's crude steel production continued to decline in November 2024. In November, Japan's crude steel production was 6.89 million tons, a year-on-year decrease of 3.1%. This is the second negative growth after a year-on-year decrease of 7.8% in October.
The decrease in crude steel PT520NH steel production in November is mainly related to the slowdown in demand from domestic and foreign buyers. The production of major long and sheet products has generally decreased, except for a slight increase of 0.1% in the production of cold-rolled coil (CRC) products. Among them, weak demand in the construction industry (down 11.6%) and the automotive industry (down 5.5%) directly led to an overall decline in steel production.
At the same time, Japan's steel exports are also under pressure. The steel export volume in November was 2.46 million tons, a year-on-year decrease of 3.6%. After a 6.4% decline in export volume in October, the export situation remains severe.
According to the cumulative data from January to November 2024, Japan's crude steel production was 77.1 million tons, a year-on-year decrease of 3.6%. It is expected that Japan's crude steel production will continue to decline in 2024, marking the third consecutive year of production PT520NH steel decline.