Japanese crude steel output (June 2026), order statistics (May)

研报英文原文证据摘录

Japanese crude steel output (June 2026), order statistics (May)

Japanese crude steel output (June 2026), order Global Markets Research

statistics (May) 30 July 2026

EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE

Research Analysts

We forecast slight y-y rise in output in Jul–Sep Japan steel, nonferrous metals,

wire & cable

Expecting modest recovery, with weak underlying demand outside of Yuji Matsumoto - NSC

Japanese manufacturing sector yuji.matsumoto@nomura.com

+81 3 6703 1220

Summary: Expecting modest recovery in output in Jul–Sep too on recovery in Kaori Iwasaki - NSC

demand from Japanese manufacturing sector kaori.iwasaki@nomura.com

According to production statistics for June released by the Japan Iron & Steel Federation +81 3 6703 1198

on 22 July, crude steel output was up y-y for a third straight month in June, and up 1% y-y

in Apr–Jun, marking the first quarterly y-y rise in 10 quarters. We think that demand from

the Japanese manufacturing sector is on a modest recovery track and expect it to remain

on a recovery track in Jul–Sep, particularly demand for specialty steel. We also expect

crude steel output to rise y-y in Jul–Sep. However, we envision only a modest recovery in

output across the industry because of weak underlying demand from the Japanese

construction industry and a tough export environment.

Daily crude steel output: First three straight months of increases since Oct–Dec

Daily crude steel output was up 1% both m-m and y-y in June (Figure1). Daily crude

steel output was up y-y for a third straight month. This marks the first time daily crude

steel output has been up y-y for three months running since Oct–Dec 2021. LD converter

furnace crude steel output (daily, broadly equivalent to blast furnace steelmaker output)