Japanese crude steel production in November reached 6.89 million mt, down 3.1% year over year, data from The Japan Iron and Steel Federation showed Dec. 20, marking nine consecutive months of year-over-year decline.

Basic oxygen furnaces accounted for 5.09 million mt of the November output, unchanged from BOF output in November 2023.

Electric arc furnaces made up the remaining 1.80 million mt, down 10.9% compared with November 2023. With the November output factored in, EAF output fell for four straight months on a year-over-year basis, the JISF said.

Cumulatively, crude steel production over January-November 2024 stood at 77.1 million mt, down 3.6% against the same period in 2023.

JISF’s data showed that the output of hot-rolled steel products in November was 5.6% lower year over year at 5.96 million mt, putting January-November production at 67.94 million mt, down 4.2% from the year before.

Of the hot-rolled steel products manufactured in November, hot-rolled wide strips accounted for 2.92 million mt, falling 2.5% year over year, also marking nine consecutive months of decline.

Production of hot-rolled wide strips over January-November also dropped 2.5% year over year to 32.72 million mt.

The bearish November data follows weak domestic demand for steel. Tokyo Steel said Dec. 16 that demand was weak from the construction and automobile industries, leading the steelmaker to maintain its list prices for steel product unchanged for the fourth month running as of January 2025.

-- S&P Global Commodity Insights