Japan's Oct newly-lauchned property projects up 26% YoY

For October, Japan's newly-launched property projects including all the buildings with private or government ownership reached the highest since July 2017 with about 12.1 million sq m, or up 25.8% on year, according to the statistics released by Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) on November 30, which is good news to construction steel, market sources commented.

Actual steel demand for such projects usually emerges after six months of the project launch, so all these new buildings in October will need to source steel around April-May 2022, Mysteel Global understands. Among the total, non-timber buildings were at its highest since July 2017 with 7.21 million sq m