SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) forecasts significant jump in imports of total by the country during the current year. The estimates provided by the association are based on the import trends during the initial eight-month period of 2021.
The country is likely to witness 32.1% surge in finished steel imports in the entire year 2021. As per estimates, the full-year finished imports are likely to total 21.314 million net tons in 2021. The U.S. finished steel imports had totalled 16.139 million net tons in the whole of 2020. Meantime, the total steel imports are likely to surge higher by 40.1% from 22.019 million net tons in 2020 to 30.846 million net tons during this year, AISI said.
The imports of hot rolled sheets are likely to register the biggest year-on-year surge, rising significantly by 89.3% from the previous year. The imports of plates in coils and ingots and billets and slabs and are likely to increase by 69.47% and 62.2% respectively. On the other hand, the imports of line pipes and standard pipes are projected to decline by 7% and 4.8% respectively.
The imports of finished steel mill products from Vietnam are likely to surge higher by 94.4% in 2021. On the contrary, AISI forecasts nearly 17.4% contraction in finished imports from Brazil during the year.