Japanese stainless steel producers to reduce output
According to recent market reports, major Japanese
stainless steel producers plan to reduce their
production further in the July-September period in order to keep prices from collapsing.
The steel companies will reduce
production of thin sheet used in
construction materials because of the lower-than-expected demand from
China and inflow of cheap products from other countries such as South
Korea.
Japanese largest
stainless steel producer Nippon Steel & Sumikin
Stainless Steel Corp. plans to reduce crude steel output 20 percent during the September quarter.
In addition, Nisshin Steel Co and Nippon Metal Industry Co will reduce crude steel
production 15 percent and 30 percent respectively.