AISI: U.S. Finished Steel Imports Surged in Early-2024

SEATTLE (Scrap Monster): Based on preliminary data released by the Census Bureau, the U.S. imports of steel totalled 2,547,000 net tons (NT) during the month of January 2024, said the American Iron and Steel Institute (AISI). This includes 1,914,000 NT of finished steel. The total and finished steel imports during the month surged higher by 21.7% and 18.0% respectively, when compared with December 2023.

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Upon comparison with the same month a year before, the total and finished steel imports were down by 2.4% and 4.4% respectively. During the twelve-month period from February 2023 to January 2024, the total and finished steel imports recorded decline by 7.6% and 13.5% respectively. The finished steel import market share was estimated at 22% in January 2024, AISI noted.

The imports of sheets and strip all other metallic coatings recorded highest surge, rising by 190% in January this year over the prior month. The other key steel products to record significant import increase were hot rolled bars and cut lengths plates, which were up by 66% and 44% respectively. The products with significant increase in imports over the twelve-month period include cut lengths plates and blooms, billets and slabs.

The largest steel suppliers in January were Canada, Brazil, Mexico, South Korea and Japan. Over the twelve-month period, the largest suppliers were Canada, Mexico, Brazil, South Korea and Japan.