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According to data released by the Japan Steel Alliance on August 30th, Japan's total steel exports reached 2.9 million tons in July, a year-on-year increase of 4.3%, marking the first year-on-year growth in nearly six months.
This increase was mainly due to the increased demand of Taiwan, China for Japanese steel imports. In July, Japan's exports to Taiwan S275 Grade D steel, China increased for the third consecutive month, reaching 145637 tons, up 3.1% year on year.
However, Japan's steel exports to South Korea decreased by 12.8% year-on-year in July, to 404174 tons, marking the tenth consecutive month of decline. But South Korea remains the largest export market for Japanese steel.
In addition, Japan's steel exports to China also experienced their first decline in three months in July, with a year-on-year decrease of 8.7% to 220781 tons. Mainly affected by the slowdown of China's domestic manufacturing industry and the increase in hot-rolled coil inventory.
Among all exported products, hot-rolled S275 Grade D steel wide steel strip remains the main export product, with an export volume of about 1.13 million tons in July, a year-on-year increase of 3.4%, also the first increase in six months. The export of heavy-duty steel plates also increased by 12% in July, reaching 259627 tons, ending a six-month downward trend.
In the first seven months of 2024, Japan's S275 Grade D steel total steel exports were 18.6 million tons, a year-on-year decrease of 4.1%.
Among them, hot-rolled wide steel strips remained the main export product from January to July, with a total volume of 6.95 million tons, a year-on-year decrease of 5.4%.
Despite a slight rebound in exports in July, Japan's Ministry of Economy, Trade and Industry stated in its forecast on July 12th that due to weak demand from China and Southeast Asia, Japan's steel exports in the third quarter are S275 Grade D steel expected to decline by 8.7% year-on-year to 6.46 million tons.
