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Japan steel market feels 'sense of crisis' as imports hit 10-year high

The Japanese steel market is feeling a sense of crisis as the country's steel imports for the AprilSeptember duration reached a 10year high, with supply from China hitting a record high, an executive of Nippon Steel stated on Friday.

We notified the government that we are carefully keeping an eye on general steel imports and have a sense of crisis concerning the present trend, Takashi Hirose, Nippon Steel's executive vice president, informed press reporters following the month-to-month meeting between the market ministry and steel market representatives.

Japan, the world's third-largest steel producer, saw steel imports increase to 2.8 million metric loads in the very first six months of the current fiscal year ending in March, marking the greatest given that 2014, according to Hirose.

Regular steel imports, omitting unique steel, grew 10%. from a year earlier to 2.55 million tons, the highest because. 2000, with supply from China striking a record high of 0.48. million loads, Hirose said.

There is growing issue that the countries like Japan,. which have not implemented any trade procedures, will become. targets for Chinese steel exports, Hirose said, keeping in mind numerous. nations have actually already taken trade action versus Chinese steel.

China, the world's biggest steel producer and exporter, has. up until now in 2024 shipped more than in 2015's 90.26 million heaps,. sustaining trade friction with countries varying from Indonesia. and Turkey to the U.S.

Exports in the first 10 months of the year leapt 23% from a. year earlier to 91.89 million loads, on track to top 100 million. lots for the year.

We are speaking with carefully with the Japanese federal government,. Hirose said, though he declined to talk about specifics.

He also declined to resolve possible impacts from future. actions by a U.S. administration under Donald Trump.

The Japanese government may take trade measures if required in. response to growing steel exports from China, a market. ministry authorities stated in October.

(source: Reuters)