Japanese steelmakers happy with sales to China
Japanese steel producers expect prices to rise in the forthcoming weeks, on the back of the strong demand and their rising exports.
China, absorbing around 20 percent of major Japanese steelmakers Nippon Steel and JFE exports, is expected to keep its demand in place, according to industry experts.
Exports from
Japan to
China have increased by around 55 percent by value in the month of June, according to figures released by Japanese Ministry of Finance. On top of that the demand from auto makers and shipbuilders stands firm, including those in
China.
Even though 7 percent annual growth is expected in
China, as lower than 9.1 percent of last year's, such growth level is seen enough to keep the steel demand in the country firm. Japanese steelmakers are of the
opinion that value added steel product sales from
Japan to
China will continue to improve, despite the measures taken in
China to slow down the economy. Japanese steelmakers believe that raw material supply is rather a more serious concern for them, compared to a probable slow-down of their sales.