ST: Japanese steelmakers face tougher export market
JMB reported that Japanese major steel makers' export condition gets worse recently while the export supported their production recovery. Chinese market price decreased since August due to the overproduction and overstock.
As per report, Chinese price is still decreasing even after Chinese National Day holiday. With cheaper Chinese offer, export price decreased and transaction with less than USD 500 per tonne FOB for hot rolled coil increases in Asian market.
Japanese major steel makers now hold the offer when they almost finished the negotiation for October to December 2009 period. However, Japanese steel export could decrease depending on market price level and yen rate.
