Japan: Steel exports largely stable, y-o-y, at nearly 17 mnt in H1CY'22

Japan's steel exports stood at 16.77 million tonnes (mnt) in the January-June 2022 period. Imports stood at around the same level compared to the year-ago period. Currency depreciation and slow domestic industrial demand resulted in firm export volumes.

The Japanese currency depreciated to JPY 138 against the USD. Meanwhile the automotive industry's output declined, weighing on contract closures. This, in turn, lowered demand in the domestic market.

Exports in H1CY'22

During the first six months exports to ASEAN countries declined by 8.4% to 5.51 mnt, while shipments dropped 18.1% to China at 2.09 mnt. However, exports to South Korea rose significantly by 36% to 2.89 mnt. Shipments to the USA increased by 16.8% to 623,000 t even as exports to the Middle East almost doubled at 439,000 t.

Imports in H1CY'22

Japan's steel imports declined by 1.5% at 3.49 mnt. Out of total imports, shipments from South Korea fell by 11.7% y-o-y to 1.54 mnt. On the other hand, imports from China and the ASEAN countries increased by 9% and 19.7% to 549,000 t and 250,000 t, respectively.

Steel exports in June

Japanese steel exports stood at 3.06 mnt in June. Exports to ASEAN (988,000 t), and China (317,000 t) recorded a decline on the year. On the other hand, exports to South Korea (560,000 t), EU (167,000 t), USA (166,000 t) and Middle East (74,000 t) increased y-o-y in June.

Steel imports in June

Total steel imports stood at 637,000 t in June. On a country-wise basis, imports from China and the ASEAN countries increased by 52.6% and 2.8% to 119,000 t and 33,000 t, respectively. However, imports from South Korea dropped 3.4% to 259,000 t during the period.

Note: The article has been published in line with an article exchange agreement with Japan Metal Daily.