Author: Paul Ploumis10 Apr 2015 Last updated at 02:08:21 GMT
TOKYO (Scrap Monster): The latest trade statistics released by the Japanese Iron and Steel Institute (JISF) suggests 3% drop in steel demand in the country during the month of February this year. The Japanese steel demand totaled 5.62 million tonnes in Feb ’15, 3.1% down when compared with the same month a year before.
The JISF data indicates a slight improvement in steel buying activity during Feb ’15 over the prior month, considering the shorter duration of the month. However, the consumption levels have been hugely hit during recent times by the slowdown in construction sector and the increased tax levels in the country.
According to the Institute, the domestic finished steel consumption declined by 6.6% over the previous year to 3.48 mt during February this year. The construction sector demand fell by nearly 5%. A similar decline in demand was witnessed in manufacturing sector as well. The demand for steel from dealers dropped significantly by 11.5% to 1.01 mt.
The country’s domestic steel buying averaged around 124,000 tonnes per day, slightly higher when compared with the buying average of 115,000 tonnes per day during January. The average daily demand from civil engineering sector dropped from 7,000 tonnes per day in Jan ’15 to 6,000 tonnes per day during February.