Japan's iron ore imports in October fell from a year earlier, mostly because of lower domestic steel demand.
Japan imported around 7.7mn t of iron ore in October, down by 11pc from a year earlier, according to preliminary data from the country's finance ministry released on 20 November. Imports also fell against the previous month by 13.7pc.
Japan's iron ore import cost averaged $111.04, down by 5.2pc on the year. The average yen-denominated cost was ¥16,195/t, down by 7.1pc.
Domestic steel demand has been sluggish. Japan's crude steel output in October-December is projected to fall by 1.4pc on the year to 21.3mn t, according to a quarterly forecast by the country's trade and industry ministry.
Booked orders of ordinary steel for automobile use in September fell for a ninth straight month by 18.8pc to 564,722t, according to data released by industry group Japan Iron and Steel Federation on 18 November.
Booked orders of ordinary steel for construction use also fell by 11.3pc on the year to 651,035t, marking the fourth consecutive month of year-on-year decline. Similarly, booked orders of ordinary steel for industrial machinery and equipment use fell by 28.5pc from a year earlier to 78,073t, marking 21 consecutive months of year-on-year falls.
By Yusuke Maekawa
