U.S. to Record Significant Surge in Finished Steel Imports

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) forecasts notable jump in imports of finished steel by the country during the current year. The estimates provided by the association are based on the import trends during the first seven months of the current year.

The country is likely to witness 28.4% surge in finished steel imports in the entire year 2021. As per estimates, the full-year finished imports are likely to total 20.719 million net tons in 2021. The U.S. finished imports had totalled 16.139 million net tons in the whole of 2020. Meantime, the total steel imports are likely to witness a surge of 38% from 22.019 million net tons in 2020 to 30.393 million net tons during this year, AISI said.

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The imports of hot rolled sheets are likely to register the biggest year-on-year surge, rising significantly by 64.6% from the previous year. The imports of ingots and billets and slabs and plates in coils are likely to surge higher by 64.6% and 60.4% respectively. Also, imports of cut lengths plates are expected to grow by 54.3% year-on-year. The only products that are likely to witness dip in imports are line pipes and standard pipes, whose imports are expected to register declines by 5.3% and 6.2% respectively.

The imports of finished steel mill products from Vietnam are likely to surge the most, rising by 82.4%. On the other hand, AISI forecasts over 23% dip in finished imports from Brazil during the current year.