Japanese demand for crude steel is expected to drop to 21.11 million tons in the first quarter of 2009, which is the lowest levels in about 39 years, according to the Ministry of Economy, Trade and Industry of Japan (METI).
In addition, the demand for steel in Japan in the first quarter of 2009 will drop by 22 percent from Q4 of 2008. If the downturn continues to the end of 2009, total steel needs will reduce by 40 million tons, which is equivalent to the total output of ten furnaces.
In the next quarter, the steel demand for auto and engineering industries is expected to fall by 39.7 and 24.7 percent respectively. The common steel and special steel will drop by 20.2 and 37.7 percent respectively as well.
SOURCE:YIEH