Japan's April crude steel output falls to 11-year low amid COVID-19 pandemic
2020-05-26 10:25:57 [Print]
Japan's crude steel output fell 23.5% in April from a year earlier to an 11-year low of 6.62 million tonnes, as weaker demand amid the COVID-19 crisis forced steelmakers to trim output, the Japan Iron and Steel Federation said last Friday.
The figure is the lowest monthly output since May 2009, when a global financial crisis dampened demand, a researcher at the federation said. The 23.5% decline was the biggest monthly slide since July 2009, the researcher added.
Output, which is not seasonally adjusted, dropped 16.8% from March.
Japan's top two steelmakers, Nippon Steel and JFE Steel, owned by JFE Holdings, temporarily shut a total of three blast furnaces in April to cope with slumping demand. The two companies plan to suspend four more blast furnaces in June and July, cutting a combined total of 25%-30% from their capacity.
The figure is the lowest monthly output since May 2009, when a global financial crisis dampened demand, a researcher at the federation said. The 23.5% decline was the biggest monthly slide since July 2009, the researcher added.
Output, which is not seasonally adjusted, dropped 16.8% from March.
Japan's top two steelmakers, Nippon Steel and JFE Steel, owned by JFE Holdings, temporarily shut a total of three blast furnaces in April to cope with slumping demand. The two companies plan to suspend four more blast furnaces in June and July, cutting a combined total of 25%-30% from their capacity.
