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Steel News November 28, 2017 02:30:39 PM

US Steel Imports Skyrocketed 19% through October

Paul Ploumis
ScrapMonster Author
The steel mill product which recorded highest surge in imports during October when compared to September final import data was wire rods, whose imports recorded sharp 32% jump.
US Steel Imports Skyrocketed 19% through October

SEATTLE (Scrap Monster): According to the preliminary data released by the US Census Bureau, the US steel imports surged 19% through October this year. The finished steel imports were up by 15.4%, when compared with the corresponding period in 2016. Meantime, monthly imports in October 2017 remained more or less unchanged when matched with September final data. Also, monthly finished steel imports declined marginally in October 2017.

The US imported 3,118,983 net tons (NT) of steel during the month, largely stable when compared with September final data. The finished steel import declined marginally by 0.4% to 2,492,959 NT. Through the first ten months of 2017, total steel imports were up sharply by 19.4% to total 32,849,759 NT as compared with 27,517,482 NT during the initial ten-month period in 2016. The cumulative finished steel imports too were up by 15.4% from 22,047,534 NT to 25,449,473 NT. The finished steel import market share in October was 27%. The market share during the first ten months of 2017 touched 28%.

The steel mill product which recorded highest surge in imports during October when compared to September final import data was wire rods, whose imports recorded sharp 32% jump. The other products to report month-on-month increase in imports were cut length plates (up 26.9%) and plates in coils (up 23%). On the other hand, Reinforcing bars witnessed sharpest fall in import volumes. The imports were down by nearly 35% over the previous month.

In October 2017, the US imported largest volume of finished steel from South Korea. The imports from that country surged 14% from September final to total 372,000 NT. The other leading exporters were Germany (156,000 NT), Taiwan (122,000 NT), Turkey (112,000 NT) and Brazil (89,000 NT).

The steel product which recorded largest jump in imports through the initial ten-month period of the current year as compared with the corresponding period in 2016 was oil country goods. The imports of oil country goods surged higher by 231% during this period, followed by line pipes and standard pipes with year-on-year increases of 68% and 44% respectively.

During the opening ten months of the current year, South Korea was the largest offshore supplier with supplies totaling 3.328 million NT. The other key suppliers included Turkey (2.065 million NT) and Japan (1.307 million NT).

According to US Census Bureau estimates, the annualized total and finished steel imports in 2017 are likely to total 39.420 million NT and 30.539 million NT respectively.