Japan’s crude steel production is expected to increase 1.7%  in the first three months of 2024 due to favorable demand from automakers, which will increase the annual production of the world’s third-largest steelmaker.

In fact, improving demand from Japanese automakers will compensate the demand shortage of housing and other manufacturing sectors. But there are concerns that a weakening European economy and china’s slowdown in economic recovery could affect steel demand in the industrial machinery sector.