According to the Japanese Ministry of Economy, Trade and Industry (METI), the forecast for steel demand in Japan from July to September 2024 is expected to fall by 5.5% year-on-year, reaching 19.15 million tons. This decline is attributed to anticipated weak demand in both the construction and manufacturing sectors.
Additionally, the Korea Iron and Steel Association (KOSA) reported that South Korea's cumulative steel production from January to May 2024 amounted to 26.39 million tons, marking a 6.2% decrease compared to the same period last year. Industry analysts attribute this drop to subdued construction activity and increased competition from Chinese suppliers, which has particularly impacted sales of long steel products.
The decline in China’s real estate market has led Chinese steelmakers to increase exports, further straining South Korean manufacturers. The country, which has difficulty competing with Chinese steel, recently launched an anti-dumping investigation into flat steel products from four countries, including China. Industry experts said the investigation’s results will have significant impacts on South Korea’s steel industry and regional trade relations.
Japan, whose steel exports decreased in June, has faced challenges due to global economic uncertainties and volatile demand in key markets.
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