$SLX Nippon Steel Postpones Furnace Restart


1) $SLX

Bloomberg: “Nippon Steel Corp. will postpone restarting a blast furnace at its plant in central Japan amid a slowdown in demand due to supply-chain snarls and China’s virus lockdowns, it said in a statement.”

Replying to
2) $SLX daily, weekly, and monthly charts - + +


The company, Japan’s biggest steelmaker, had been planning to fire up the furnace by end of this month following renovation work that cost 49 billion yen ($377 million). It will now be offline for an unspecified period of time, the Tokyo-based steelmaker said on Friday.

Supply-chain disruptions have forced Japanese automakers, the biggest customer for domestic steelmakers, to reduce production. Major steel production cuts are also “becoming unavoidable,” SMBC Nikko Securities Inc. analysts Atsushi Yamaguchi and Tetsuya Maeda said in a note.