Japan July crude steel output jumps 32.5% to reflect demand recovery
TOKYO (Reuters) - Japan's crude steel output rose 32.5% in July from a year earlier, climbing for a fifth consecutive month as industry demand continued to recover from a coronavirus-induced slump, the Japan Iron and Steel Federation said on Monday.
Output, which is not seasonally adjusted, increased to 8.01 million tonnes in the world's No.3 steel producer from a year earlier, but fell 1.3% from June.
The strong pick-up came in line with the prediction by the Ministry of Economy, Trade and Industry (METI) in July that the country's crude steel output was expected to jump 30.1% in the July-September quarter from a year earlier.
Japanese steelmakers are also on track for a V-shaped annual profit recovery, as solid global demand boosts prices while higher prices of iron ore and coking coal drive hefty inventory appraisal gains.
(Reporting by Yuka Obayashi; Editing by Edmund Blair)
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