Japanese steel producers have responded to depressed domestic construction and manufacturing activity by maintaining relatively low crude steel output in the first three months of 2015. This is not surprising given that orders received by Japan’s 50 largest constructors grew by only 1% year-on-year in February. Crude steel production declined 2.9% quarter-on-quarter and 3% year-on-year in the first quarter of this year, with much of the fall in output occurring in March.
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