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Japanese steel exports up by 5.6pct YoY in August 2012

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The Japan Iron & Steel Federation said that steel exports rose by 5.6% YoY to 3.67 million tonnes in August 2012, their fourth straight monthly increase.

That growth was helped by increased exports to Thailand and other Southeast Asian countries. However, the gain was significantly smaller than the 11.2% expansion in July 2012, due to the yen's strength and intensifying competition with South Korean and Chinese steelmakers. On the month, steel exports fell 0.4%, the first decline in two months.

Exports to South Korea, Japan's largest customer, rose by 0.7% YoY to 698,547 tonnes, climbing for the second straight month. Due to an increase in South Korea's domestic output, Japan's exports of regular steel to South Korea dropped by 12.3% YoY. But the decline was more than offset by an 80.8% jump in exports of semi finished products.

Exports to China totaled 527,124 tonnes, down by 12.9% and marking the first drop in two months. Exports to Thailand climbed 4.1% to 489,165 tonnes, rising for the fourth consecutive month as production rebounded after damage from last year's floods was repaired and thanks to solid auto output in the country.



Source - Nikkei News

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