Japan's domestic steel consumption has seen a significant decline, dropping 10.6 percent year-on-year in the first half of 2024, totaling 21.82 million metric tons.

In June alone, consumption fell to 3.52 million metric tons, down 2.2 percent from May and 8.7 percent compared to June 2023.

The construction sector's steel usage decreased by 3.7 percent to 4.29 million metric tons, while the automotive sector consumed 5.21 million metric tons, down 5.7 percent.

Conversely, the shipbuilding industry reported a 4.4 percent increase in consumption, totaling 1.44 million metric tons.