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Forecast of Ministry of Economy and Industry (Meti) of Japan, Japan's crude steel production is expected to be 82.5 million tons in the fiscal year from April 2020 to March 2021, down 16% from a year earlier, the 52-year low since fiscal year 1968/69.
The Ministry of Economic Industry said Tuesday, the crude steel production is likely to pick up further to 23.5 million tonnes in January-March 2021, compared with 21.9 million tonnes expected between October and December 2020.
Japan's crude steel output for fiscal year 2020/21 is expected to be below 100 million tons for the second consecutive year as the New Crown epidemic slows down the economy and manufacturing.
Japan Iron and Steel Co., Ltd .said last week that Japan's crude steel production may rebound to about 90 million tons in fiscal year 2021/22, but may be less than 100 million tons for the third consecutive year. Japan's crude steel production fell to 98.4 million tons in fiscal year 2019/20, a 10-year low.
Production in 2020/21 may be lower than in 2019/20, which reached its lowest point since 69 million tons in 1968/69. Japan's steel production increased dramatically in the 1960s, 87 million tons in 1969/70, the output in 1960/61 was slightly higher than 20 million tons. In the early 1970s, more than 100 million tons of Japanese steel, which Stimulating rapid economic growth.
Forecast of Ministry of Economy and Industry (Meti) of Japan, the demand for steel products will fall 3% to 21 million tonnes from a year earlier in January-March, mainly under pressure from weak export demand. Domestic demand will fall slightly by 2 million tons to 14 million tons, and export demand may fall by 7% to 7 million tons.
Steel demand in manufacturing will continue to pick up in January-March. But demand in the construction industry will stagnate as the New Crown epidemic causes many companies to postpone investment plans.
Demand from January to March next year is expected to remain under increasing pressure from Japan's New Crown.
On Dec.21, more than 200,000 new crown cases were recorded in Japan, forcing many city governments, including Tokyo, Osaka and Nagoya, to tighten restrictions on people's movement during New Year's holidays.
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- [Editor:wenxin]
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