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On December 1st, the Purchasing Managers Index (PMI) of Japan's manufacturing industry showed that the industry fell to its lowest level since February in November, with the index dropping from 48.7 in October to 48.3, which had a negative impact on steel demand. The contraction in November also marked the sixth consecutive month of contraction in Japan's manufacturing industry, with the overall PMI shrinking mainly due to the accelerated pace of output and new order inflows. In the last quarter of 2023, new orders continued to decrease, indicating a decline in overall demand in both domestic and international markets HX260YD+ZM steel.
According to Japanese government data, the Japanese economy experienced a year-on-year decline of 2.1% from July to September, the largest decline since the third quarter of 2021, while expanding by 4.8% from April to June.
Affected by the decline in HX260YD+ZM steel exports, Japan's JFE Steel has lowered its crude steel production forecast as of March 31, 2024, from 24.6 million tons in August to 23.8 million tons.
As the manufacturing industry slows down, Nippon Steel predicts that the demand for steel in the construction industry will drop to 18.1 million tons in the year ending March 31, 2024, a decrease from 18.85 million tons in 2023. In addition, Nippon Steel expects the Japanese shipbuilding industry to use 2.8 million tons of HX260YD+ZM steel in the 2023-2024 fiscal year, a decrease from the previous fiscal year's 2.87 million tons.
On October 12, 2023, the Japanese Ministry of Economy, Trade and Industry released a forecast that steel demand in the fourth quarter of 2023 is expected to reach 20.5 million tons, a year-on-year decrease of 0.6%
