U.S. Steel Imports Dipped 11% in Jan-Nov '18

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) reported notable decline steel imports by the country during the first eleven months of 2018. The imports recorded sharp decline by 11% over the prior year.

Based on the latest data published by the U.S. Census Bureau, the country’s steel imports totaled 31.834 million NT through the initial eleven-month period, out of which 24.016 million NT accounted for finished steel. The total and finished steel imports were down significantly by 10.8% and 13.2% respectively, when compared with the year-ago period. Also, the finished steel import market share was estimated at around 23% through November 2018.

The monthly steel imports by the country totaled 2.385 million NT, including 1.921 million NT of finished steel in Nov ‘18. Upon comparison with Oct ’18 final data, the imports registered decline by 27.2% and 4.1% respectively.

As per current estimates, the annualized total and finished steel imports by the U.S. are likely to be around 34.7 million NT and 26.2 million NT respectively, significantly down from the year before.

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The U.S. imported 67% more heavy structural shapes in Nov ’18, when compared with the prior month. The other finished steel product to witness notable jump in imports was wire rods, whose imports surged higher by 57%. Through Nov ’18, hot rolled sheets and plates in coils recorded year-on-year growth in imports by 22% and 16% respectively.

South Korea continued to remain as the single largest supplier of finished steel products into the country.