Japanese steel union cut crude steel production expectation of 2015

Japan iron and steel federation said on May 28, 2015 fiscal year (as of the end of March 2016) Japan's crude steel output will slip slightly compared with the previous fiscal year.Japan is the world's second largest producer of crude steel.In the face of high steel inventories and the double pressure of export prices, Japan's largest steelmaker, Nippon steel live gold company will drive the crude steel production down in the second quarter of this year compared to the previous quarter by 9%, the second big steelmakers JFE steel company will cut production by 4% to 5%.Japanese steel union expects fiscal 2015 Japan's crude steel output for 107 million - 108 million tons.The agency had expected for the 110 million tons, about the production for the last fiscal year. Japanese steel union pointed out that, at present, the Japanese steel inventory adjustment to a reasonable level also need a longer time. Japanese steel union, according to data released in April, Japan's crude steel output of 8.402 million tons, fell 9.5%, fell 6.1% year on year, fell for eight consecutive months.In April, Japan's steel output of 6.374 million tons of converter, fell 10.9%, fell 6.3% year on year;Electric furnace steel production is 2.029 million tons, fell 4.6%, fell 5.4% year on year;Pig iron production of 6.403 million tons, fell 10.4%, fell 3.1% year on year, the first year-on-year decline since three months;Hot rolled steel output of 7.449 million tons, fell 11.2%, fell 5.5% year on year, year-on-year decline in six months.Among them, the ordinary hot-rolled seamless steel pipe material production is 5.908 million tons, fell 12.3%. Special hot rolled seamless steel pipe material production is 1.541 million tons, fell 6.6%.Japan's steel production has been falling since late last year, due to the consumption tax hike down car and housing demand, construction labor shortages also inhibit the Japanese steel demand. Meti estimates that Japan's crude steel production in the second quarter of decline of 4.9% from the first quarter, dropped to the lowest level in six years.