Japan's crude steel output will decline further from October to December

According to the Japanese Ministry of Commerce, crude steel production is expected to be 25.69 million tons, compared with 25.7 million tons in the same period last year. Output declined for the fifth consecutive quarter. Output for the quarter is expected to increase by 0.8% from the previous quarter. Demand for steel products, including exports, is expected to fall 2.9% year-on-year to 22.92 million tons. Exports typically account for around 40% of Japan's steel production and are expected to fall by 1.4%.