October 11, 2008

Japanese steel exports hit record high in 2007-08

According to data released by the Japan Iron and Steel Federation showed that Japan's steel exports up by 7.1% to an all time high of 38.44 million tonnes in fiscal 2007.

The federation said that ravenous demand from emerging economies was a major factor in the increase. In addition, Japanese steelmakers have been boosting the proportion of their products earmarked for overseas since last June, when domestic housing starts began to slump in response to tougher building standards.

It said that exports to South Korea, the biggest consumer of Japanese steel, jumped by 13 .7% while shipments to Thailand, Taiwan and China rose 13.3%, 3% and 1.9% respectively. Exports to the US meanwhile tumbled 17.7%, the first decline in 4 years as the subprime mortgage mess continues to sap demand there.