In January 2024, Japan experienced a significant decline in ordinary steel orders compared to the previous month and the same period last year, as reported by the Japan Iron & Steel Federation (JISF). The country witnessed a 10.5% decrease month-on-month and a 5% drop year-on-year, totaling 4.527 million tonnes. Notably, export orders decreased at a faster rate than domestic orders during this period.

Specifically, manufacturing-related orders fell to 1.23 million tonnes, while the construction sector showed a 3.4% increase in demand compared to the previous year, reaching 693,000 tonnes. Within the construction industry, all sectors, except civil engineering, demonstrated improved performance compared to the previous year.

From April 2023 to January 2024, covering the first 10 months of fiscal year 2023 (FY23), Japanese steel orders only grew by 1.3% to 48.669 million tonnes. Hot rolled strip, CR strip/sheet, galvanized sheet, and sections offset losses in other product categories during this period.

Export orders saw a 5.2% year-on-year increase, reaching 18.684 million tonnes. Notably, the automotive sector experienced a 9.7% rise in year-to-date demand, while shipbuilding & marine equipment also returned to year-to-date growth. However, other industries witnessed declines in demand