Japan's raw steel production drops

In the same period, pig iron production fell 6.9% month-on-month and 1.4% year-on-year to 5.03 million tons.

Japan's raw steel production in the January-November period of this year was 80 million tons, down 2.8% from the same period of the previous year, while pig iron production decreased by 1.9% to 57.9 million tons.

According to JISF's latest forecasts, Japan's domestic demand is expected to recover in 2024, with the global economic slowdown weighing on overall demand, investment and exports. For 2024, Japan's raw steel production forecast calls for a stable performance compared to 2023. However, a drop in steel demand is expected due to rising material costs and labor shortages in the construction sector. In the real estate market, it is stated that high housing prices have a negative impact on demand and create downward pressure.

However, JISF expects Japan's automotive industry to experience a surge in steel demand and backlogs to be gradually filled.