Japan October steel output down 12.9 pct yr/yr
(Reuters)
Updated:
2009-11-19 14:49
Counter:
Japan's crude steel output fell 12.9 percent in October from a year earlier to 8.79 million tonnes, falling for the 13th straight month, the Japan Iron and Steel Federation said on Thursday.
Output rose 6.4 percent from September.
Global stimulus measures have boosted steel demand in China and activated car and electronics factories in Japan, benefiting Japan's big steelmakers including Nippon Steel Corp and JFE Holdings Inc.
Analysts expect a recovery in steel output to be sustained for a while, although growth momentum could slow later this year due to an oversupply from China.
Japanese makers of transport equipment, including carmakers, last month forecast a 5 percent rise in output for November from October, according to a survey by the Ministry of Economy, Trade and Industry.
Manufacturers have ramped up output in recent months as companies restock after aggressively working down inventories to cope with a plunge in global demand since late last year.
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