Japan's crude steel output forecast to fall 2.5% in Q1 2025

Japan's Ministry of Economy, Trade and Industry forecast the country's crude steel output to fall 2.4% in the first three months of 2025 due to slowing demand from the manufacturing and construction sectors. The forecast is expected to lower the world's third-largest steel producer's output for the fiscal year ending March 31 to 83.72 million metric tons, down 3.6% from a year earlier and the lowest since fiscal 2020, when the COVID-19 pandemic eroded demand. The ministry estimated crude steel output at 20.93 million metric tons in the January-March period, down from 21.45 million tons a year earlier and down 0.1% from the current quarter. An industry survey showed that demand for steel products, including those for export, is expected to fall 0.5 percent to 19.09 million tonnes in the January-March period compared to the previous year.