IST: Japan's crude steel output rises 8%, up 12th month in row
TOKYO, Nov. 19, 2010 (Kyodo News International) -- Japan's crude steel production in October rose 8.0 percent from a year earlier to 9.51 million tons, up for the 12th straight month, due to brisk exports for Japanese automakers based in China and Southeast Asian countries, an industry body said Friday.
The output exceeded 9 million tons for the second consecutive month and was up 3.0 percent from September, the Japan Iron and Steel Federation said.
While concerns grew that domestic output would fall following termination of the government incentive for eco-friendly cars, an official of the steel industry said, ''Its effect was limited as for October.''
But crude steel production in and after November may be hit by the subsidy termination and sluggish demand in the face of curbs on public works projects, analysts said.
Fierce competition with South Korean steelmakers may also weigh on Japan's crude oil exports at a time when the yen has appreciated, they added.
Production of specialty steel, mainly used for vehicles, jumped 28.8 percent in the reporting month from the previous year, while that of ordinary steel rose 2.9 percent.