According to the statements this growth will be largely due to the recovery in automobile production. This expected increase will be the second quarterly increase in a row.
METI's forecasts predict that crude steel production in the world's third largest steel producing country for this period will reach 22.33 million metric tons, compared to 21.41 million tons produced in the same period of the previous year. Additionally, an increase of 1.7% compared to the previous quarter is expected.
However, according to sector research, it is estimated that the demand for steel products, including those for export, will decrease by 0.6% to 20.50 million tons in the October-December period compared to the previous year, while exports will increase by 1.6%.
"Domestic steel demand for automobiles is expected to remain strong thanks to the improvement in semiconductive supply, but demand for other manufacturing industries and the construction sector looks weak," said Daisuke Matsuno, METI's Metal Industry Division Manager.
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